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IN RE MORRISTOWN LINCOLN-MERCURY, INC.

Bankruptcy No. 3-81-01889, Adv. No. 3-82-0306.

27 B.R. 801 (1983)

In re MORRISTOWN LINCOLN-MERCURY, INC., Debtor. FIRST STATE BANK, Plaintiff, v. MORRISTOWN LINCOLN-MERCURY, INC., Richard Stair, Jr., Trustee, and Bank of Commerce of Morristown, Tennessee, Defendants. and Richard STAIR, Jr., Trustee, Third-Party Plaintiff, v. HAMILTON BANK OF MORRISTOWN and Ford Motor Credit Company, Third-Party Defendants.

United States Bankruptcy Court, E.D. Tennessee.

February 23, 1983.

Attorney(s) appearing for the Case

Morrison, Morrison & Morrow, Kenneth E. Morrow, Knoxville, Tenn., for plaintiff.

Stone & Hinds, P.C., George F. Legg, Knoxville, Tenn., for third-party defendant Ford Motor Credit Co.

MEMORANDUM

CLIVE W. BARE, Bankruptcy Judge.

At issue is the priority of two competing claims to a dealer reserve account maintained by Ford Motor Credit Company (Ford Credit) in conjunction with its former association with the debtor automobile dealership, Morristown Lincoln-Mercury, Inc. The reserve account consists of funds withheld by Ford Credit contemporaneously with its purchase of retail installment contracts from the debtor. Plaintiff First State...

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