Credit Alliance Corp. v. Jebco Coal Co.

OPINION OF THE COURT

GIBBONS, Circuit Judge.

Credit Alliance Corporation (Credit Alliance) appeals from an order of the district court, affirming a decision of the bankruptcy court which held that First National Bank and Trust Company of Washington, Pa. (the Bank) had priority in security in certain property of a debtor, Jebco Coal Company, Inc. (Jebco), over the security interest claimed by Credit Alliance. The bankruptcy court decision was made in an adversary proceeding instituted by Credit Alliance for relief from the stay provided in 11 U.S.C. § 362 (1976).1 We reverse.

I

On January 19,1975…