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MATTERS OF KASSUBA

No. 76-2242.

562 F.2d 511 (1977)

In the Matters of Walter J. KASSUBA et al., Debtors. Walter J. KASSUBA, Intercontinental Development Co., Inc., and Transam Development Corporation, Appellants, v. REALTY INCOME TRUST, Appellee.

United States Court of Appeals, Seventh Circuit.

Decided September 30, 1977.

Attorney(s) appearing for the Case

Stephen Novack, Norman H. Nachman, Chicago, Ill., for appellants.

Mark E. MacDonald, James J. Johnson, Chicago, Ill., for appellee.

Before CASTLE, Senior Circuit Judge, WOOD, Circuit Judge, and MARKEY, Chief Judge of U.S. Court of Customs and Patent Appeals.

CASTLE, Senior Circuit Judge.

This appeal presents the question of whether two transactions, by which the appellee acquired title to certain real property formerly owned by the appellants, were security arrangements in the nature of mortgages.

On July 28, 1970, appellant Intercontinental Development Co., Inc., (Intercontinental) conveyed a tract of land in Hoffman Estates, Illinois, to appellee Realty Income Trust (RIT) by warranty deed. The deed conveyed...

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