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IN RE CRAFTY FOX, LTD.

Bankruptcy No. 77-00164.

5 B.R. 820 (1980)

In re CRAFTY FOX, LTD., Debtor.

United States District Court, W.D. Virginia, Roanoke Division.

July 16, 1980.

Attorney(s) appearing for the Case

Joseph P. Bounds, Roanoke, Va., for Crafty Fox, Ltd.

Ralph B. Rhodes, Rocky Mount, Va., for Farmers and Merchants Bank.

James E. Nunley, Bristol, Va., for trustee.

Diana M. Perkinson, Roanoke, Va., for Creditors' Committee.

OPINION

TURK, Chief Judge.

This case presents the question of the extent to which the Bankruptcy Court is bound by a provision in a secured note awarding stipulated fees to the secured creditor in the event he finds it necessary to employ counsel for purposes of collection:

Crafty Fox, Ltd. ("Crafty Fox") on May 23, 1974 entered into a note evidencing its indebtedness to the appellee, Farmers and Merchants Bank of Boones Mill (the "Bank"), in the...

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