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IN RE EL PATIO, LTD.

Bankruptcy No. LA 80-06512-RM, Adv. No. LA 80-1525-RM.

6 B.R. 518 (1980)

In re EL PATIO, LTD., a limited partnership, Debtor. IMPERIAL BANK, a California corporation, Plaintiff, v. EL PATIO, LTD., a limited partnership, Defendant.

United States Bankruptcy Court, C.D. California.

September 26, 1980.

Attorney(s) appearing for the Case

Alan Pedlar of Stutman, Treister & Glatt, Los Angeles, Cal., and Herman Palarz of Katz, Granoff & Palarz, Beverly Hills, Cal., for plaintiff, Imperial Bank.

Nathan Goller of Goller, Gillin & Menes and Peter R. Stoll, Los Angeles, Cal., for debtor and defendant, El Patio, Ltd.

MEMORANDUM OPINION

RICHARD MEDNICK, Bankruptcy Judge.

FACTS

El Patio, Limited, a limited partnership (Debtor) is in the business of purchasing apartment houses and converting them to condominiums through subdivision procedure. The only property presently owned for subdivision is a 34-unit apartment building located in Santa Monica, California. The plaintiff, Imperial Bank (Bank) holds a one year promissory note dated May 25, 1979, in the amount...

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