MEMORANDUM
JAMES A. GOODMAN, Judge.
I. Introduction
The issue before the Court is whether a third mortgage held by Guaranty First Trust Company ("GFTC") is a valid mortgage. GFTC says the mortgage is valid because it was granted to secure a pre-existing debt and to replace collateral which had declined in value or become worthless. The Debtor argues that the mortgage is void because at the time it was granted no debt existed between the Debtor...
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