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FIRST BANK INVESTORS' TRUST v. TARKIO COLLEGE

No. 96-4196.

129 F.3d 471 (1997)

FIRST BANK INVESTORS' TRUST, Creditor-Appellant, v. TARKIO COLLEGE, Debtor-Appellee.

United States Court of Appeals, Eighth Circuit.

Decided November 12, 1997.

Attorney(s) appearing for the Case

Gary Steinman, Gladstone, MO, argued (J. Brian Hill, Gladstone, MO, on the brief), for appellant.

Timothy Sear, Overland Park, KS, argued (Christopher J. Reedy, Overland Park, MO, on the brief), for appellee.

Before BOWMAN, Circuit Judge, HENLEY, Senior Circuit Judge, and MORRIS SHEPPARD ARNOLD, Circuit Judge.

BOWMAN, Circuit Judge.

This case arises from Tarkio College's bankruptcy proceeding. The question presented is whether First Bank Investors' Trust (FBIT), as an oversecured creditor, is entitled to recover interest at the basic contracted-for rate of twelve percent or at the post-maturity rate of sixteen percent on the unpaid balance of a promissory note executed by Tarkio to FBIT's predecessor-in-interest. The decision of the District Court,2

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