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GOLDEN ENTERPRISES, INC. v. UNITED STATES

Nos. 77-1138, 77-1151.

566 F.2d 1207 (1977)

In the Matter of Golden Enterprises, Inc., Bankrupt. GOLDEN ENTERPRISES, INC., and William E. Butner, Appellees, v. UNITED STATES of America, Appellant. In the Matter of GOLDEN ENTERPRISES, INC., Bankrupt. Joe CAGLE, Trustee in Bankruptcy for Golden Enterprises, Inc., Attorneys for the Creditors' Committee, James M. Gaither, Jr., Attorney for Bankrupt, Golden Enterprises, Inc., Bankrupt, William J. Lawing, C.P.A., and Charles B. Camp, Appellants, v. William E. BUTNER, Appellee.

United States Court of Appeals, Fourth Circuit.

Decided December 8, 1977.

Attorney(s) appearing for the Case

Joe N. Cagle, Hickory, N.C. (Cagle & Houck, Hickory, N.C., on brief), and James M. Gaither, Jr., Hickory, N.C. (J. Carroll Abernethy, Jr., Hickory, N.C., on brief), for appellants in 77-1151.

Carleton D. Powell, Atty., Dept. of Justice Tax Div., Washington, D.C. (Gilbert E. Andrews and Crombie J. Garrett, Attys., Dept. of Justice Tax Div., Myron C. Baum, Acting Asst. Atty. Gen., Washington, D.C., and Keith S. Snyder, U.S. Atty., Asheville, N.C., on brief), for appellant in 77-1138.

William E. Butner, Hickory, N.C., for appellees in 77-1138 and 77-1151.

Before BRYAN, Senior Circuit Judge, and WINTER, Circuit Judge, and THOMSEN, Senior District Judge.

WINTER, Circuit Judge:

The question we must decide is which of the mortgagee or the bankrupt estate is entitled to rents realized from mortgaged property between the time of the mortgagor's bankruptcy and foreclosure of the mortgage. On the facts before us, we hold that they go to the bankrupt estate. We reverse the district court and reinstate the disposition made by the bankruptcy judge.

I.

Golden Enterprises, Inc. (Golden) was the owner of several...

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