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IN RE NATIONAL FINANCIAL ALTERNATIVES, INC.

Bankruptcy No. 88 B 9577.

96 B.R. 844 (1989)

In re NATIONAL FINANCIAL ALTERNATIVES, INC., Debtor.

United States Bankruptcy Court, N.D. Illinois, E.D.

February 22, 1989.

Attorney(s) appearing for the Case

Deborah Ebner, Evanston, Ill.

Dean Harvalis, Chicago, Ill., Asst. U.S. Trustee.

Daniel A. Zazove, Towbin & Zazove, Ltd., Chicago, Ill., for Creditor's Committee.

Joseph Cammarata, Dept. of Justice, Tax Div., Civil Trial Section, Northern Region, Washington, D.C., Victoria Crosley, I.R.S., Joel Nathan, Illinois Dept. of Revenue, State of Illinois Center, Chicago, Ill., for I.R.S.

Lynn E. Botka, Lockport, Ill.

Rene J. Mathieu, Oak Brook, Ill.

Keevan D. Morgan, Drugas, Morgan & Hyink, Chicago, Ill., for debtor.

William J. Connelly, Hinshaw, Culbertson, Moelmann, Hoban & Fuller, Chicago, Ill.

Pamela S. Hollis, Hollis & Johnson, Chicago, Ill., for First Midwest Bank/Joliet.

MEMORANDUM OF DECISION

EUGENE R. WEDOFF, Bankruptcy Judge.

The matters presently before the court raise, in the context of a Chapter 11 reorganization, a narrow, but unsettled issue regarding the reach of federal tax liens: whether accounts receivable acquired by a debtor more than 45 days after the filing of a notice of tax lien on the debtor's property may be considered proceeds of contract rights or inventory acquired by the debtor prior to the expiration...

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