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IN RE NIXON MACHINERY CO.

Bankruptcy No. 1-80-00779, Adversary Proceeding No. 1-80-0170.

6 B.R. 847 (1980)

In re NIXON MACHINERY COMPANY, Debtor. CREDIT ALLIANCE CORPORATION, Plaintiff, v. NIXON MACHINERY COMPANY, Defendant.

United States Bankruptcy Court, E.D. Tennessee.

October 31, 1980.

Attorney(s) appearing for the Case

David A. Dycus, Chattanooga, Tenn., Atty. for the plaintiff.

Kyle R. Weems, Chattanooga, Tenn., Atty. for the defendant.

MEMORANDUM

RALPH H. KELLEY, Bankruptcy Judge.

This proceeding concerns five machines sold by Nixon Machinery to various buyers. The buyers executed promissory notes to Nixon Machinery, and it retained security interests in the machines. Credit Alliance financed the sales. Nixon Machinery assigned its rights to Credit Alliance in return for payment but agreed to re-purchase the note of any defaulting buyer. All the buyers defaulted and Nixon Machinery repossessed...

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