Matter of Gorrow Development Corp.

ORDER ON EMERGENCY MOTION OF INVESTORS SAVINGS BANK TO PROHIBIT USE OF CASH COLLATERAL AND ADEQUATE PROTECTION

THOMAS E. BAYNES, Jr., Bankruptcy Judge.

THIS CAUSE came on for hearing upon the Emergency Motion of Investors Savings Bank to Prohibit Use of Cash Collateral and Adequate Protection. By separate Order, this Court disposed of all issues raised in the Emergency Motion except whether an assignment of rents became absolute prior to the filing of the instant bankruptcy. The facts necessary for the resolution of this issue are as follows:

On April 27, 1988, Gorrow Development Corporation…