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BORG-WARNER ACCEPTANCE v. FIRST NAT. BANK

577 S.W.2d 29 (1979)

BORG-WARNER ACCEPTANCE CORPORATION, Appellant, v. FIRST NATIONAL BANK OF PRESTONSBURG, Kentucky, Appellee. UNITED STATES of America, Appellant, v. FIRST NATIONAL BANK OF PRESTONSBURG, Kentucky, Ada Griffith (Now Schwanka), Priscilla G. Ring, Robert H. Griffith, Jr., Donald P. Ring, Jacquette Griffith, and Shoppers Faire, Inc., Appellees.

Court of Appeals of Kentucky.

January 12, 1979.

Attorney(s) appearing for the Case

James A. Combs, Prestonsburg, for Borg-Warner Corp.

M. Carr Ferguson, Asst. Atty. Gen., Gilbert E. Andrews, Crombie J. D. Garrett, Phillip I. Brennan, Attys., Tax Div., Dept. of Justice, Washington, D. C., for United States.

Richard E. Fitzpatrick, Tarrant, Combs & Bullitt, Lexington, for First National Bank of Prestonsburg.

Before HAYES, HOWARD and PARK, JJ.

HAYES, Judge.

This appeal arises from a finding in the Floyd Circuit Court favorable to the plaintiff bank and unfavorable to the United States and the Borg-Warner Corporation.

It presents rather complex questions of interpretation of the Federal Tax Lien Statute, of the Kentucky law on the effect of unrecorded mortgages against third parties, and of the time at which an equitable mortgage will be deemed to have been created.

On October 25, 1973, Shoppers...

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