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IN RE BEACON DISTRIBUTORS, INC.

No. 7797.

441 F.2d 547 (1971)

In the Matter of BEACON DISTRIBUTORS, INC., Bankrupt.

United States Court of Appeals, First Circuit.

Decided April 27, 1971.

Attorney(s) appearing for the Case

Allan M. Shine, Providence, R. I., with whom Winograd, Shine & Zacks, Providence, R. I., was on brief, for Herbert Katz, Trustee-in-Bankruptcy of Beacon Distributors, Inc., appellant.

Harold H. Winsten, Providence, R. I., with whom Feiner & Winsten, Providence, R. I., was on brief for James Lipet Enterprises, Inc., appellee.

Before ALDRICH, Chief Judge, McENTEE and COFFIN, Circuit Judges.

McENTEE, Circuit Judge.

In March 1965 James Lipet Enterprises, Inc., gave a blanket mortgage on two parcels of Rhode Island real estate to the Pawtucket Institution for Savings to secure a promissory note for $92,000. One of these parcels was located in the City of Pawtucket and the other in Providence. About two years later Lipet conveyed the Pawtucket property to a Massachusetts business trust upon the condition that the...

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