Cramer v. Markee (In Re Markee)

MEMORANDUM DECISION

MERLIN S. YOUNG, Bankruptcy Judge.

Plaintiffs are the mortgagees of certain real property previously owned by defendants who are presently debtors in possession under chapter 11 of the Bankruptcy Code. Following default upon the underlying obligation owed plaintiffs, the Cramers foreclosed their mortgage under Idaho law. On February 26, 1982, plaintiffs recovered a judgment and decree of mortgage foreclosure in state court. On March 24,1982, the property subject to the mortgage was sold by the county sheriff pursuant to the decree, at which sale plaintiffs purchased the…