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MATTER OF McLOUTH STEEL CORP.

Bankruptcy No. 81-07001-W, Adv. No. 82-0485.

22 B.R. 722 (1982)

In the Matter of McLOUTH STEEL CORPORATION, a Michigan corporation, Debtor. PETROLEUM SPECIALTIES, INC., a Michigan corporation, Plaintiff, v. McLOUTH STEEL CORPORATION, a Michigan corporation, Defendant.

United States Bankruptcy Court, E.D. Michigan, S.D.

August 31, 1982.

Attorney(s) appearing for the Case

Richard E. Fellrath, Detroit, Mich., for plaintiff.

Philip M. Frost, Detroit, Mich., for defendant.

David D. Murphy, Detroit, Mich., for Secured Lenders.

MEMORANDUM OPINION AND ORDER

GEORGE E. WOODS, Bankruptcy Judge.

The issue before the Court is whether National Bank of Detroit (NBD) is a good faith purchaser and thus within the exception to the right of reclamation granted by § 2-702 of the Uniform Commercial Code.

McLouth Steel Corporation (McLouth) filed for relief under Chapter 11 on December 8, 1981. On December 10, 1981, Petroleum Specialties, Inc. (Petroleum Specialties) made a demand...

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