Transcorp/Wilbur S. Avant, Jr., M.D. Rollover I.R.A. v. Pioneer Liquidating Corp. (In Re Consolidated Pioneer Mortgage Entities)
United States Bankruptcy Appellate Panel for the Ninth Circuit
1Opinion of the Court
OPINION
ASHLAND, Bankruptcy Judge:
STATEMENT OF FACTS
Between 1986 and 1990, Naimeo-Claire-mont, Inc. made three loans to a group of borrowers. The loans were secured by promissory notes and trust deeds encumbering property in Julian, California. Naimco-Clairemont assigned the promissory notes and trust deeds to various investors.
In October 1990, Nenner Enterprises, Inc. made a $1,350,000 loan to borrowers, secured by a deed of trust on the property in Julian. Nenner Enterprises intended that the Naim-co-Clairemont liens be subordinated to the Nenner Enterprises lien, granting Nenner Enterprises…
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