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FIRST INTERSTATE BANK OF UTAH, N.A. v. I.R.S.

No. 90-4021.

930 F.2d 1521 (1991)

FIRST INTERSTATE BANK OF UTAH, N.A., Appellant, v. INTERNAL REVENUE SERVICE, and Olympus Glass Company, Inc., Appellees.

United States Court of Appeals, Tenth Circuit.

April 25, 1991.

Attorney(s) appearing for the Case

George W. Pratt of Jones, Waldo, Holbrook & McDonough (Jerome Romero of Jones, Waldo, Holbrook & McDonough, Salt Lake City, Utah, with him on the briefs), for appellant.

Deborah Swann (Dee V. Benson, U.S. Atty., Shirley D. Peterson, Asst. Atty. Gen., Gary R. Allen and David I. Pincus, Tax Div., Dept. of Justice, Washington, D.C., with her on the briefs), for appellees.

Before LOGAN, Circuit Judge, ALDISERT and SEYMOUR, Circuit Judges.

ALDISERT, Circuit Judge.

This appeal from the district court's affirmance of the bankruptcy court's order requires us to interpret Utah Code Ann. § 70A-9-107(b), which provides that:

[a] security interest is a purchase money security interest to the extent that it is ... taken by a person who by making advances or incurring an obligation gives value to enable the debtor to acquire rights in or the use of collateral if such value is in fact so...

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