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IN RE VERNON-LINDEN ASSOCIATES

No. 88-80741.

117 B.R. 934 (1990)

In re VERNON-LINDEN ASSOCIATES, an Illinois Limited Partnership, Debtor.

United States Bankruptcy Court, C.D. Illinois.

August 27, 1990.

Attorney(s) appearing for the Case

Gary T. Rafool, Peoria, Ill., for debtor.

Alan L. Sternberg, Bloomington, Ill., for BancWest of McLean County.

Stephen A. Kouri, Peoria, Ill., for Wright.

OPINION

WILLIAM V. ALTENBERGER, Bankruptcy Judge.

The Debtor is an Illinois Limited Partnership which owned and operated an apartment complex in Bloomington, Illinois. The Debtor had obtained the apartment complex pursuant to an Agreement for Warranty Deed entered into with several individuals (Contract Sellers). Prior to the Contract Sellers transferring ownership to the Debtor, they had mortgaged the apartment complex and had incurred personal liability...

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