IN RE KIRK

No. 86-3145.

71 B.R. 510 (1987)

In re Michael Edwin KIRK, d/b/a Kirk Construction Company. Mark T. DUNN, Trustee, Plaintiff, v. ALEXANDER LUMBER CO., et al., Defendants.

United States District Court, C.D. Illinois, Springfield Division.

March 13, 1987.


Attorney(s) appearing for the Case

John Stevens, William T. Hundman, Bloomington, Ill., for plaintiff.

Donald R. McClarey, Dwight, Ill., Thomas Yost, Donna Stuart Lawson, First Nat. Bank of Normal, Normal, Ill., for defendants.


OPINION ORDER

MILLS, District Judge:

Bankruptcy appeal.

The issue: Does a secured creditor who enjoys a perfected security interest created by the assignment of a beneficial interest in a land trust automatically retain a perfected security interest in proceeds resulting from a sale of the trust res?

(If so, the creditor has priority over the bankruptcy trustee pursuant to Ill.Rev. Stat., ch. 26, § 9-301(1)(b)).

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