Elgin National Bank v. Cowsert (In Re Cowsert)

FINDINGS AND CONCLUSIONS

JOSEPH A. GASSEN, Bankruptcy Judge.. In this adversary proceeding plaintiff, Elgin National Bank seeks a lifting of the automatic stay of 28 U.S.C. § 362(a) so that it may proceed to take possession of certain real property held in an Illinois land trust of which defendant-debtors are the beneficiaries. Elgin National is the land trustee as well as a creditor.

Another complaint to lift stay, Adversary Case No. 81-0089-BKC-JAG-A, was filed by Elgin State Bank, the first mortgagee on one of the real properties. That adversary action involved the same facts and was tried…