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IN RE FIDELITY AMERICA FINANCIAL CORP.

Bankruptcy No. 81-00385G, Adv. No. 81-0217G.

35 B.R. 310 (1983)

In re FIDELITY AMERICA FINANCIAL CORPORATION, Debtor. FIDELITY AMERICA FINANCIAL CORPORATION, Plaintiff, v. Sidney E. LITT and Lorraine G. Litt, Defendants.

United States Bankruptcy Court, E.D. Pennsylvania.

December 20, 1983.

Attorney(s) appearing for the Case

Franklin M. Cohen, Philadelphia, Pa., for plaintiff, Fidelity America Financial Corp.

Alan E. Boroff, Wisler, Pearlstine, Talone, Craig & Garrity, Norristown, Pa., for defendants, Sidney E. Litt and Lorraine C. Litt.

Norman M. Kranzdorf, Bala Cynwyd, Pa., trustee.

Rubin, Quinn & Moss, Philadelphia, Pa., for trustee, Norman M. Kranzdorf.

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The issue in the case at bench is whether the statute of limitations bars the debtor from prevailing on a suretyship contract which is ostensibly a sealed instrument. For the reasons stated herein we find the action is barred.

The facts of this case are as follows:1 Sidney E. Litt ("Litt") was the president and sole shareholder of American Educational Council, Inc. ("AEC")...

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