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IN RE SEXTON

Bankruptcy No. 3-79-00834, Adv. No. 3-81-0704.

16 B.R. 240 (1981)

In re Joe Alvin SEXTON, Novena J. Sexton, dba Atomic Oil Company, Sexton Oil Company, Sexton Construction Company, and Sexton Tire Company, Debtors. AZTEX ENERGY COMPANY, Plaintiff, v. The STATE OF TENNESSEE and Leon Steinberg, Trustee, Defendants.

United States Bankruptcy Court, D. Tennessee.

December 17, 1981.

Attorney(s) appearing for the Case

W. Morris Kizer, Knoxville, Tenn., for plaintiff, Aztex Energy Co.

Brendan Bradley, Howard E. Herndon, Jr., Nashville, Tenn., for the State of Tennessee.

Leon Steinberg, pro se.

MEMORANDUM

CLIVE W. BARE, Bankruptcy Judge.

At issue in this adversary proceeding is whether funds paid pursuant to an insurance policy are proceeds within the meaning of T.C.A. § 47-9-306(1).1 Also, at issue is whether the funds payable under the insurance policy constitute contract rights in which the secured creditor has a perfected security interest.

I

On July 10, 1979, Aztex Energy Company (Aztex)...

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