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IN RE SOUTHERN INDUS. BANKING CORP.

Bankruptcy No. 3-83-00372, Adv. No. 3-83-0520.

45 B.R. 97 (1984)

In re SOUTHERN INDUSTRIAL BANKING CORPORATION, d/b/a Daveco, Debtor. Irwin A. DEUTSCHER, Trustee, Plaintiff, v. TENNESCO, INC., Defendant, and Twin City Federal Savings and Loan Association; First Federal Savings and Loan Association; Cherokee Valley Federal Savings and Loan Association; Cookeville Federal Savings and Loan Association; Frontier Federal Savings and Loan Association; Valley Fidelity Savings and Loan Association; Morristown Federal Savings and Loan Association; Home Federal Savings and Loan Association; Metropolitan Federal Savings and Loan Association; First Federal Savings and Loan Association; Decautur Federal Savings and Loan Association; First Home Federal Savings and Loan Association; Heritage Federal Savings and Loan Association; First City Federal Savings and Loan Association; First Federal Savings and Loan Association; First Federal Savings and Loan Association, Intervening Defendants, and Golden Gallon, Inc.; Harriman Gardens, Ltd.; Ogle's of Gatlinburg; Reuben N. Pelot, III; Southern Packaging & Storage Co., Inc.; Wayside Health Care Center, Inc., Garnishee Defendants.

United States Bankruptcy Court, E.D. Tennessee.

December 6, 1984.

Attorney(s) appearing for the Case

Frantz, McConnell & Seymour, Robert M. Bailey, Knoxville, Tenn., for plaintiff.

Stophel, Caldwell & Heggie, P.C., Stephen P. Parsons, Knoxville, Tenn., for defendant Tennesco, Inc.

Egerton, McAfee, Armistead & Davis, P.C., W.W. Davis, Jr., Knoxville, Tenn., for intervening defendants.

Cornelius, Collins, Higgins & White, Charles L. Cornelius, Jr., Nashville, Tenn., for amicus curiae Tenn. League of Sav. Institutions, Inc.

Chambers, Wyckoff & Beckner, M. Edward Owens, Jr., Nashville, Tenn., for amicus curiae Tenn. Mortg. Bankers Ass'n.

MEMORANDUM

CLIVE W. BARE, Bankruptcy Judge.

At issue is whether a judgment debtor, Tennesco, Inc., the original payee of certain promissory notes, has any interest in the notes after sale and endorsement which may be garnished where it retained physical possession of the notes as servicing agent for sixteen savings and loan associations, purchasers of participatory interests collectively totaling one hundred percent of the face value of the notes. Plaintiff...

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