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IN RE PATIO SPRINGS, INC.

Bankruptcy No. B-78-00008.

6 B.R. 428 (1980)

In re PATIO SPRINGS, INC., a Utah Corporation, Bankrupt.

United States Bankruptcy Court, D. Utah, C.D.

July 30, 1980.

Attorney(s) appearing for the Case

William G. Fowler and David E. Leta of Roe & Fowler, Salt Lake City, Utah, for debtor, Patio Springs, Inc.

Don B. Allen of Ray, Quinney & Nebeker, Salt Lake City, Utah, and James Z. Davis of Thatcher, Glasmann & Davis, Ogden, Utah, for creditor, First Sec. Bank of Utah, N.A.

MEMORANDUM DECISION

RALPH R. MABEY, Bankruptcy Judge.

On January 4, 1978, Patio Springs, Inc. (Patio Springs or the bankrupt) filed a voluntary petition for relief under Chapter XI of the Bankruptcy Act. At the time of the filing, Patio Springs, owned approximately 12,000 acres of real property in Weber County, Utah. This property was encumbered by a first mortgage in favor of First Security Bank of Utah, N.A. (First Security Bank or the bank). Pursuant...

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