Travelers Petroleum, Inc. v. Internal Revenue Service (In Re Travelers Petroleum, Inc.)

MEMORANDUM DECISION AND ORDER

PAUL B. LINDSEY, Bankruptcy Judge.

The trial of this adversary proceeding was held November 24, 1987. The Court ruled that the debtor’s trucks to which a federal tax lien had attached had a value, in the aggregate, of $194,050.00 as of the date of bankruptcy. In a previous hearing, the Court had ruled that the Internal Revenue Service (“IRS”) was secured in that portion of the proceeds of a note which represented those trucks sold free and clear to Fitz Freight.

At the trial, the Court took under advisement the issue of whether the debtor’s trucks were “equipment”…