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MATTER OF ELCONA HOMES CORP.

No. 88-1152.

863 F.2d 483 (1988)

In the Matter of ELCONA HOMES CORPORATION, Debtor-Appellant. Green Tree Acceptance, Inc., Appellee.

United States Court of Appeals, Seventh Circuit.

September 28, 1988.

Attorney(s) appearing for the Case

William A. Thorne, Thorne, Grodnik & Ransel, Elkhart, Ind., William G. Lavery, for debtor-appellant.

Gary D. Boyn, Warrick Weaver & Boyn, Elkhart, Ind., for appellee.

Before POSNER and COFFEY, Circuit Judges, and WILL, Senior District Judge.

POSNER, Circuit Judge.

This appeal requires us to examine the Bankruptcy Code's provision on set offs, which states that the Code "does not affect any right of a creditor to offset a [prebankruptcy] mutual debt owing by such creditor to the debtor ... against a [prebankruptcy] claim of such creditor against the debtor." 11 U.S.C. § 553(a). The debtor, Elcona Homes Corporation, was (and still is, for this is a reorganization case) a manufacturer of mobile homes...

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