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IN RE MADERA FARMS PARTNERSHIP

BAP No. CC-86-1058-VAbMe, Bankruptcy No. LA 83-19892-JD.

66 B.R. 100 (1986)

In re MADERA FARMS PARTNERSHIP, Debtor. JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY, Appellant, v. MADERA FARMS PARTNERSHIP, Appellee.

United States Bankruptcy Appellate Panels of the Ninth Circuit.

Decided August 29, 1986.

Attorney(s) appearing for the Case

Jeffrey C. Krause, Stutman, Treister & Glatt, Los Angeles, Cal., for appellant.

Mark Fields, Morgan, Lewis & Bockius, Los Angeles, Cal., for appellees.

Before VOLINN, ABRAHAMS and MEYERS, Bankruptcy Judges.

OPINION

VOLINN, Bankruptcy Judge:

Appellant, a secured creditor holding a deed of trust with an assignment of rents clause, had stipulated that the market value of the property exceeded its debt and gave the debtor a period of time within which to sell the property. The stipulation also reserved appellant's security interest in the rents. The debtor did not sell the property within the stipulated time. Appellant thereafter conducted a foreclosure sale where...

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