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IN RE MEMORIAL ESTATES, INC.

Bankruptcy Nos. 85 C 3520, 85 C 8786, 86 C 7780, 87 C 3829, 83 B 1016 and 83 A 1119.

90 B.R. 886 (1988)

In re MEMORIAL ESTATES, INC., Debtor. CHICAGO BANK OF COMMERCE, Plaintiff, v. AMALGAMATED TRUST AND SAVINGS BANK, et al., Defendants.

United States District Court, N.D. Illinois, E.D.

September 1, 1988.

Attorney(s) appearing for the Case

Jeffrey R. Liebman, George Grumley, Marjorie E. McCollom, Arvey, Hodes, Costello & Burman, Chicago, Ill., for plaintiff.

William L. Needler, William L. Needler & Assoc., Ltd., Chicago, Ill., for defendants.

MEMORANDUM OPINION AND ORDER

NORDBERG, District Judge.

A bank holds a mortgage on a cemetery. The cemetery fails to make the mortgage payments and attempts to sell most of its assets, including "unused burial spaces," to a third party. The third party operates the cemetery, sells "unused burial spaces," and keeps the proceeds, claiming that the "unused burial spaces" are not covered by the bank's mortgage. The bank...

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