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IN RE AIR CONDITIONING INC. OF STUART

Bankruptcy Nos. 86-8006-CIV-NESBITT, 84-01395-BKC-TCB and 85-0965-BKC-TCB-A.

72 B.R. 657 (1987)

In re AIR CONDITIONING, INC. OF STUART, Debtor. LEASING SERVICE CORPORATION, Appellant, v. Douglass E. WENDEL, as trustee for Air Conditioning, Inc. of Stuart, and American Bank of Martin County, Appellees.

United States District Court, S.D. Florida.

March 10, 1987.

Attorney(s) appearing for the Case

Samuel S. Sorota, N. Miami Beach, Fla., for appellee American Bank.

John Gundlach, of Ackerman, Bakst, Gundlach, Lauer & Zwickle, P.A., West Palm Beach, Fla., for Trustee.

James E. Foster, of Foster & Kelly, Orlando, Fla., for appellant Leasing Service Corp.

Francis L. Carter, of Steel, Hector & Davis, Miami, Fla., Bruce E. Clark, of Sullivan & Cromwell, New York City, for amicus curiae New York Clearing House Ass'n.

CORRECTED MEMORANDUM OPINION AND ORDER

NESBITT, District Judge.

I. NATURE OF THE APPEAL

This is an appeal from a memorandum decision and judgment by the United States Bankruptcy Court entered in an adversary proceeding involving a pre-bankruptcy transaction by the debtor. The Bankruptcy Court nullified the debtor's promissory note, an assignment of its certificate of deposit and a Bank's letter of credit and ordered return of the certificate of...

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