In Re James C. REPLOGLE, Debtor. FIRST AGRICULTURAL BANK, Plaintiff, Appellant, v. James C. REPLOGLE and Claudia Replogle, Defendants, Appellees

BAILEY ALDRICH, Senior Circuit Judge.

On June 12, 1987 the co-owners of Hills-dale Packing Co., Inc., appellee James C. Replogle and one Gerald Morelli, turned over the company to appellant First Agricultural Bank of Pittsfield, Massachusetts, mortgagee. The mortgage was on all of Hillsdale’s assets, and secured its indebtedness to the Bank of some $1,837,000, an indebtedness that Replogle had personally guaranteed. The assets consisted of three pieces of real estate in the State of New York, two vacant and one on which were a slaughterhouse and a small retail outlet, and personal property,…