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IN RE CARA CORP.

Bankruptcy No. 90-15397S.

148 B.R. 779 (1992)

In re The CARA CORPORATION, Debtor.

United States Bankruptcy Court, E.D. Pennsylvania.

December 15, 1992.

Attorney(s) appearing for the Case

Melvin Lashner, Lewis Kates, Philadelphia, PA, for debtor.

Alan Gershenson, Blank, Rome, Comisky & McCauley, Philadelphia, PA, for Bank.

Andrew N. Schwartz, Philadelphia, PA, for Creditors' Committee.

Frederic Baker, Asst. U.S. Trustee, Philadelphia, PA, U.S. Trustee.

MEMORANDUM

DAVID A. SCHOLL, Bankruptcy Judge.

At issue is the validity of a security interest claimed by Continental Bank ("the Bank") in the accounts receivable and other general intangibles of CARA CORPORATION ("the Debtor").

The secured indebtedness, asserted to be $259,300.68 in the Bank's proof of claim, is based upon loans made on July 18, 1984, and August 26, 1986. The requisite financing statement was recorded on November 17, 1983 ("the 1983...

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