Bankr. No.:
89-50106
Chapter:
7
Date of Decision:
March 2, 1990
Issue:
Whether debtor, trustee, or creditor/equitable property owner should receive the benefits of certain rents, profits and proceeds currently held by the trustee and generated by the ranch formerly possessed by the debtor.
Ruling:
Inasmuch as the collateral of the creditor/equitable property owner was used by the debtor and converted to other proceeds, the creditor is entitled to the same. Likewise, as the creditor has re-entered the property formerly held by the debtor and has assumed certain obligations of the debtor, including the care of pastured livestock, creditors should receive the rents and profits from those obligations.
Full Bankruptcy Court Decision:
