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GUARANTEE BANK v. MAGNESS CONST. CO.

462 A.2d 405 (1983)

GUARANTEE BANK, a corporation of the State of New Jersey, Defendant Below-Appellant/Cross-Appellee, v. MAGNESS CONSTRUCTION CO., a corporation of the State of Delaware, Plaintiff Below-Appellee/Cross-Appellant.

Supreme Court of Delaware.

Decided: May 5, 1983.

Attorney(s) appearing for the Case

Max S. Bell, Jr. (argued) of Richards, Layton & Finger, Wilmington, for appellant/cross-appellee.

Charles M. Allmond, III. (argued) and John H. Benge, Jr. of Allmond, Eastburn & Benge, Wilmington, for appellee/cross-appellant.

Before HERRMANN, C.J., and McNEILLY and MOORE, JJ.

McNEILLY, Justice:

This appeal and cross-appeal arise out of a decision of the Court of Chancery which determined the priority of the conflicting claims of Guarantee Bank (Guarantee) and Magness Construction Co. (Magness) to the proceeds of a foreclosure sale of two parcels of land located in Mill Creek Hundred known as "Red Barn". Parcel I (improved parcel) consists of an improved parcel of land on which a restaurant formerly...

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