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IN RE SOUTHERN INDUS. BANKING CORP.

Bankruptcy No. 3-83-00372, Adv. No. 3-84-0180.

48 B.R. 306 (1985)

In re SOUTHERN INDUSTRIAL BANKING CORPORATION, d/b/a/ Daveco, Debtor. Thomas DuVOISIN, Liquidating Trustee, Plaintiff, and Bank of Commerce, Intervening Plaintiff, v. Emmett FOSTER, Defendant.

United States Bankruptcy Court, E.D. Tennessee.

March 29, 1985.

Attorney(s) appearing for the Case

Bernstein, Susano, Stair & Cohen, J. Thomas Jones, Knoxville, Tenn., for plaintiff.

Hunton & Williams, John A. Lucas, Knoxville, Tenn., for intervening plaintiff.

Lewis S. Howard, Knoxville, Tenn., for defendant.

CLIVE W. BARE, Bankruptcy Judge.

At issue is whether the debtor's loan to defendant within 90 days preceding bankruptcy constitutes an avoidable preferential transfer under 11 U.S.C.A. § 547(b) (1979) where the loan was made in exchange for defendant's promissory note secured by unmatured investment certificates owing by the debtor to the defendant.

Also at issue is whether defendant is entitled under 11 U.S.C.A. § 553 (1979) to set off against his...

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