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IN RE IVY PROPERTIES, INC.

Bankruptcy No. 89-40229-JFQ, Adv. No. 89-4054.

109 B.R. 10 (1989)

In re IVY PROPERTIES, INC., Debtor. UNSECURED CREDITORS' COMMITTEE, Plaintiff, v. SHAWMUT WORCESTER COUNTY BANK, N.A., et al., Defendants.

United States Bankruptcy Court, D. Massachusetts.

December 22, 1989.

Attorney(s) appearing for the Case

David Nickless, Nickless & Phillips, Fitchburg, Mass., for Unsecured Creditors Committee/plaintiff.

Lucille Brennan, Fletcher, Tilton & Whipple, Worcester, Mass., for Steven Silverman/defendant.

James H. Barnhill, Bowditch & Dewey, Worcester, Mass., for Abraham W. Haddad & Lester Sadowsky/defendants.

John Burdick, Labovitz & Burdick, Worcester, Mass., for Heritage-NIS Bank for Sav./defendant.

Kevin McGee, Seder & Chandler, Worcester, Mass., for Shawmut Worcester County Bank/Assignee of Heritage-NIS Bank.

OPINION

JAMES F. QUEENAN, Jr., Bankruptcy Judge.

Cross motions for summary judgment pit the Creditors' Committee (the "Committee") against a lender who has a perfected security interest in the Debtor's accounts but who has not recorded an assignment from the Debtor of real estate mortgages securing the accounts. The question presented is whether because of this lack of recording the Committee may avoid the lender's interest in the mortgages through the exercise...

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