MEMORANDUM OPINION
MERRITT S. DEITZ, Jr., Bankruptcy Judge.
The issue we consider in today's opinion is whether the Continental Can Company, Inc., holds a valid security interest in the receivables, inventory and raw materials of the Chapter 11 debtor, Owensboro Canning Co., Inc. Our determination hinges in major part on the measurement of an "agreement letter" against applicable state law.
In August, 1983, Continental's management, increasingly...
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