Equibank v. H. L. Clement Co. (In Re H. L. Clement Co.)

MEMORANDUM OPINION

GERALD K. GIBSON, Bankruptcy Judge. *

The matter presently before the Court is the complaint of Equibank for relief from the automatic stay pursuant to section 362 of the Bankruptcy Code, 11 U.S.C. § 362. Equibank alleges that it is the assignee of a valid security interest in certain roofing equipment (plaintiff’s complaint, exhibit A) which was granted to Western Reserve Leasing Company (hereinafter called “Western Reserve”) by H. L. Clement Co. (hereinafter called “Clement”), the debtor-in-possession, to secure an indebtedness in the amount of $21,475.00. The plaintiff…