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IN RE SOUTHEAST BANKING CORP.

No. 97-4436.

156 F.3d 1114 (1998)

In Re: SOUTHEAST BANKING CORPORATION, Debtor. CHEMICAL BANK, as Indenture Trustee under the Indenture, dated as of March 1, 1983, of Southeast Banking Corporation, and Gabriel Capital, L.P., Plaintiffs-Appellants, v. FIRST TRUST OF NEW YORK, National Association, as Indenture Trustee, The Bank of New York, as Indenture Trustee, and Southeast Banking Corporation, Debtor, Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

September 28, 1998.

Attorney(s) appearing for the Case

David C. Cimo, Sarah L. Reid, Kelley, Drye & Warren, LLP, Paul J. McMahon, Miami, FL, for Plaintiffs-Appellants.

David Friedman, David Rosner, Kasowitz, Benson, Torres & Friedman, LLP, New York City, for Gabriel Capital.

Mark David Bloom, Elliott H. Scherker, Greenberg, Traurig & Hoffman, Miami, FL, for Defendants-Appellees.

Daniel S. Pearson, Craig V. Rasile, Holland & Knight, LLP, Miami, FL, Kenneth N. Klee, James O. Johnston, Jr., Isaac M. Pachulski, Stutman, Treister & Glatt, P.C., Los Angeles, CA, for First Trust of New York, National Association, as indenture Trustee.

Before EDMONDSON and BIRCH, Circuit Judges, and FAY, Senior Circuit Judge.

BIRCH, Circuit Judge:

This appeal requires us to decide whether Congress, by enacting section 510(a) of the 1978 Bankruptcy Code, intended to abrogate the "Rule of Explicitness," a judicially created doctrine that prevents a senior creditor from collecting post-petition interest from a junior creditor pursuant to a subordination agreement unless the agreement expressly provides for that result. The bankruptcy court and the district court both held that section 510...

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