IN RE FLANNERY

Bankruptcy No. 79-1733G.

11 B.R. 974 (1981)

In re James A. FLANNERY, Debtor. Anthony R. DiMARCO, Plaintiff, v. James A. FLANNERY, Debtor-Defendant, and First National Bank and Trust Company of Newtown, Industrial Valley Bank, Commonwealth of Pennsylvania and James Loeffler, Defendants.

United States Bankruptcy Court, E.D. Pennsylvania.

June 29, 1981.


Attorney(s) appearing for the Case

Christopher R. Rosser, Thistle, Moore, Rosser & Tull, Philadelphia, Pa., for plaintiff, Anthony R. DiMarco.

John P. Koopman, Bristol, Pa., for debtor-defendant, James A. Flannery.

Richard Danese, Jr., Stuckert, Yates & Krewson, Newtown, Pa., for defendant, First Nat. Bank and Trust Co. of Newtown.

Peter M. McGonigle, Philadelphia, Pa., for defendant, Industrial Valley Bank.

Commonwealth of Pennsylvania, Dept. of Revenue, Harrisburg, Pa., pro se.

Harry J. Agzigian, Levittown, Pa., for defendant, Joseph Loeffler.


OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The issue at bench is which of two agreements of sale of a parcel of realty, entered into by a chapter XII debtor, we should approve. We conclude that, because the first agreement of sale did not provide that time was of the essence, the buyer thereunder fulfilled the conditions of that agreement even though he did not obtain a financial commitment until seven days after the date required by the agreement. Furthermore...

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