In Re Tripplet

MEMORANDUM OPINION

R. GLEN AYERS, Jr., Chief Judge.

Once again, this Court must attempt to determine the effect of an assignment of rents clause in a deed of trust coupled with a collateral document assigning rents upon stated events of default. The dispute arises in the context of a rather ordinary Chapter 11 case involving rental property. Max Triplett (hereinafter “Debtor”), borrowed large sums from the creditor, Principal Mutual Life Insurance Company (hereinafter “Creditor”). The debt is secured by real property which produces an income stream. The security interest is properly perfected…