IN RE PEABODY

No. 182-00263, Adv. No. 183-0002.

51 B.R. 157 (1985)

In re Almer F. PEABODY, Sarah L. Peabody, Debtors. Gary J. NORTON, Trustee, Plaintiff, v. ASSOCIATED GROCERS OF MAINE, INC., Defendant.

United States Bankruptcy Court, D. Maine.

July 17, 1985.


Attorney(s) appearing for the Case

Gary J. Norton, Anderson, Merrill, Norton & Relyea, Bangor, Me., for plaintiff.

Donald H. Marden, Waterville, Me., for defendant.


FREDERICK A. JOHNSON, Bankruptcy Judge.

MEMORANDUM DECISION

The trustee seeks, under 11 U.S.C. § 542, to recover money deposited by debtors into a capital savings account held by Associated Grocers of Maine, Inc. (Associated). Associated argues that it is a secured creditor with a right to set-off. The court concludes that Associated is correct.

The underlying facts have been stipulated and the issues fully briefed. On May 19, 1980 Almer and...

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