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IN RE HOLYWELL CORP.

Bankruptcy No. 84-01590-BKC-TCB, Adv. No. 85-0566-BKC-TCB-A.

51 B.R. 56 (1985)

In re HOLYWELL CORP., et al., Debtor(s). The BANK OF NEW YORK, Plaintiff, v. OLYMPIA & YORK FLORIDA EQUITY CORP., O & Y Equity Corp., Theodore B. Gould, Miami Center Joint Venture, Defendants.

United States Bankruptcy Court, S.D. Florida.

June 24, 1985.

Attorney(s) appearing for the Case

Vance Salter, Steel, Hector & Davis, Miami, Fla., for plaintiff.

Scott Sheftall, Miami, Fla., Floyd, Pearson, Richman, Greer, Weil, Zack & Brumbaugh, Miami, Fla., for Miami Center J.V.

John Koyzak, Miami, Fla., for O & Y Florida.

Fred H. Kent, Jr., Jacksonville, Fla., for Theodore Gould.

Emmet, Marvin & Martin, New York City, Meyer, Weiss, Rose, Arkin, Shampanier, Ziegler & Barash, P.A., Miami Beach, Fla., for BONY.

MEMORANDUM DECISION

THOMAS C. BRITTON, Bankruptcy Judge.

The issue here is whether two agreements executed in May 1981, in which Miami Center Joint Venture leased certain personal property to Miami Center Limited Partnership are "true leases" or are in effect conditional sales and therefore "leases intended as security". I conclude that they are true leases.

The personal property is furnishings, fixtures and equipment that were purchased to equip...

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