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IN RE WINSLOW CENTER ASSOCIATES

Bankruptcy No. 82-00020G, Adv. No. 82-2662G.

50 B.R. 679 (1985)

In re WINSLOW CENTER ASSOCIATES, Debtor. PROVIDENT MUTUAL LIFE INSURANCE COMPANY, Plaintiff, v. WINSLOW CENTER ASSOCIATES, and Jerome Blum, Trustee, Defendants. The COMMITTEE OF EQUITY SECURITY HOLDERS, Intervening Defendant, and Third Party Plaintiff, derivatively on behalf of Winslow Center Associates, v. Harvey PLOWFIELD, Third Party Defendant.

United States Bankruptcy Court, E.D. Pennsylvania.

July 3, 1985.

Attorney(s) appearing for the Case

Marjorie O. Rendell, Marshall A. Fleisher, Duane, Morris & Heckscher, Philadelphia, Pa., for plaintiff, Provident Mutual Life Ins. Co.

David S. Fishbone, Ciardi & Fishbone, Philadelphia, Pa., for debtor/defendant, Winslow Center Associates.

Robert H. Levin, Adelman Lavine Krasny Gold and Levin, Philadelphia, Pa., for defendant/trustee, Jerome Blum.

Leonard P. Goldberger, Fox, Rothschild, O'Brien & Frankel, Philadelphia, Pa., for The Committee of Equity Holders, intervening defendant and third party plaintiff, derivatively on behalf of Winslow Center Associates.

David J. Picker, Norristown, Pa., for Harvey Plowfield, third party defendant.

OPINION

EMIL F. GOLDHABER, Chief Judge:

The question, arising under New Jersey law on a mortgagee's motion for turnover of accrued rent, is whether a clause in a mortgage creates an assignment rather than a pledge against security, thus entitling the mortgagee to those rents. For the reasons stated herein, we conclude that the mortgage created an assignment of the rent and will direct that the rents be disbursed to the mortgagee.

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