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BANK OF AMERICA, N.A. v. MOGLIA

No. 02-2517.

330 F.3d 942 (2003)

BANK OF AMERICA, N.A., Creditor-Appellant, v. Alex D. MOGLIA, Trustee-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided June 2, 2003.

Attorney(s) appearing for the Case

Larry J. Nyhan, Sidley Austin Brown & Wood, Chicago, IL, Alan C. Geolot (argued), Sidley Austin Brown & Wood, Washington, DC, for Appellant.

Jon C. Vigano, D'Ancona & Pflaum, Chicago, IL, Steven B. Towbin (argued), Kathleen H. Klaus, Shaw, Gussis, Fishman, Glantz, Wolfson & Towbin, LLC, Chicago, IL, for Trustee-Appellee.

Robert V. Shannon, Bell, Boyd & Lloyd, Chicago, IL, for Debtor.

Before POSNER, KANNE, and DIANE P. WOOD, Circuit Judges.

POSNER, Circuit Judge.

Outboard Marine Corporation is in Chapter 7 bankruptcy, and among its holdings are the assets, currently worth some $14 million, in what is known as a "rabbi trust." Bank of America, as the agent of Outboard's secured creditors, claims a security interest in these assets, while the trustee in bankruptcy claims them for the unsecured creditors. The security agreement on which Bank of America relies covers all Outboard's "general intangibles,...

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