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IN RE KAISER STEEL CORP.

Bankruptcy No. BK-87-B-1552-E, Adv. Nos. 88 C 0328, 88 C 0332.

89 B.R. 150 (1988)

In re KAISER STEEL CORPORATION, Debtor. BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, Plaintiff, v. KAISER STEEL CORPORATION, Defendant, and GATX Leasing Corporation, Intervenor-Defendant. KAISER STEEL CORPORATION, Plaintiff, and GATX Leasing Corporation, Intervenor-Plaintiff, v. BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, Defendant.

United States Bankruptcy Court, D. Colorado.

August 8, 1988.

Attorney(s) appearing for the Case

Jack L. Smith, Elaine E. Hill and Peter H. Rudy of Holland & Hart, Denver, Colo., Harris B. Taylor of Bank of America, and Judith Gilbert of Denton, Hall, Burgin & Warrens, Los Angeles, Cal., for Bank of America Nat. Trust and Sav. Ass'n.

Craig A. Christensen of Sherman & Howard, Denver, Colo., for Kaiser Steel Corp.

MEMORANDUM OF DECISION

RICHARD L. BOHANON,* Bankruptcy Judge.

The central issue in this adversary proceeding concerns whether a bank which pays a standby letter of credit may be subrogated to the rights of the creditor to proceed on its security interest in debtor's assets. Kaiser Steel Corporation, the debtor, and Bank of America each seek a judgment declaring their respective rights. Shortly before trial GATX Leasing Corporation...

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