In Re Robert B. Lee Enterprises, Inc., Debtor. Michael A. Grassmueck, Inc., Trustee v. Champion Credit Corporation

DAVID R. THOMPSON, Circuit Judge:

The issue we decide in this appeal is whether advances made by a secured party’s assignee under a security agreement containing a future advance clause have priority over other creditors’ secured liens which arose after the originally secured party’s rights were perfected but before future advances were made by the assign-ee. We hold that the assignee’s future advances are entitled to the priority position of the secured party under the security agreement, and affirm the decisions of the bankruptcy court and the bankruptcy appellate panel (“BAP”).

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