R.C.R. Corp. v. Bank of Middleton (In re R.C.R. Corp.)

MEMORANDUM DECISION AND ORDER

ROBERT D. MARTIN, Bankruptcy Judge.

This proceeding was instituted by the debtor in possession, R.C.R. Corporation, Inc. (“RCR”), under section 544 of the Bankruptcy Code to avoid its mortgage and real estate security agreement with the defendant Bank of Middleton (“the bank”). The parties have stipulated that no factual issues are in dispute and that this matter may be treated as on cross-motions for summary judgment. Jurisdiction is present under 28 U.S.C. §§ 157 and 1334.

On November 26, 1980, the Board of Directors of RCR Corporation approved a corporate…