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WEAVER v. HUTSON

No. 71-1577.

459 F.2d 741 (1972)

Coy L. WEAVER and Helen F. Weaver, Appellants, v. Richard M. HUTSON, II, Trustee of Landmark Inns of Durham, Inc., Appellee.

United States Court of Appeals, Fourth Circuit.

Decided February 28, 1972.

As Modified on Denial of Rehearing May 11, 1972.

Attorney(s) appearing for the Case

Charles B. Nye, Durham, N. C. (Nye & Mitchell, Durham, N. C., on brief), for appellants.

William R. Winders, Durham, N. C. (Winders, Williams & Darsie, Durham, N. C., on brief), for appellee.

Allston J. Stubbs, Durham, N. C. (Stubbs, Biggs & Cole, Durham, N. C., on brief), for debtor, appellee.

Paul Gonson, Asst. Gen. Counsel, Securities and Exchange Commission (David Ferber, Sol., Michael E. Don, Atty., Securities and Exchange Commission, on brief), for appellee, Securities and Exchange Commission.

Before BRYAN, WINTER and RUSSELL, Circuit Judges.

ALBERT V. BRYAN, Circuit Judge.

A creditors' petition under Chapter X of the Bankruptcy Act, 11 U.S.C. § 501 et seq., was filed on September 3, 1969 by three debenture holders of Landmark Inns of Durham, Inc., a North Carolina corporation (Debtor). The petition was approved on September 12, 1969 and a trustee thereupon appointed by the District Court.

Among its assets Debtor held a lease dated March 27, 1964 for a term of 52 years upon the property of...

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