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IN RE BETHESDA AIR RIGHTS LTD. PARTNERSHIP

Bankruptcy No. 90-4-1398-SD.

117 B.R. 202 (1990)

In re BETHESDA AIR RIGHTS LIMITED PARTNERSHIP, Debtor.

United States Bankruptcy Court, D. Maryland, at Rockville.

July 20, 1990.

Attorney(s) appearing for the Case

Richard H. Wyron, Lerch, Early, Roseman & Frankel, Bethesda, Md., Roger L. Frankel, Arent, Fox, Kintner, Plotkin & Kahn, Washington, D.C., for debtor.

Nelson Cohen, Zuckerman, Spaeder, Goldstein, Taylor & Kolker, Washington, D.C., Neil D. Bramwell, Associate Counsel, New York Life Ins. Co., New York City, for NYLIFE Funding, Inc.

Craig B. Young, Down, Lohnes & Albertson, Washington, D.C., for Equitable Bank, N.A.

MEMORANDUM OF DECISION AUTHORIZING USE OF CASH COLLATERAL

E. STEPHEN DERBY, Bankruptcy Judge.

The issue presented here is whether an assignment of rents was effective to transfer the rents absolutely to the lender and thereby to keep the rents from becoming cash collateral property of Debtor's bankruptcy estate.

Facts

Bethesda Air Rights Limited Partnership (the "Debtor") owns and operates...

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