Sandoz v. AMI, Inc. (In re Provident General Corp.)

OPINION

RODNEY BERNARD, Jr., Bankruptcy Judge.

Provident General Corporation instituted bankruptcy proceedings herein under Chapter 11 of the Bankruptcy Code on October 2, 1979. The court on its own motion entered an order on May 28, 1980, converting the case to one under Chapter 7.

AMI, Inc., a Louisiana business corporation, filed a proof of claim as a secured creditor of the debtor corporation based upon a note secured by a mortgage on the debtor’s cemetery property. The note is dated September 29, 1972, in the original principal sum of $163,000.00. The principal balance owed on the mortgage…