Lipshie v. National Bank of North America (In re Plainview Realty, Inc.)

C. ALBERT PARENTE, Bankruptcy Judge.

The issue presented calls for a definitive and dispositive determination of the litigants’ rights, if any, to the proceeds derived from the sale of the debtor’s real property.

A synoptic review of the salient and un-controverted facts follows.

Plainview Realty, Inc. (hereafter, plaintiff) on June 16, 1977 filed a Chapter XI petition seeking an arrangement with its unsecured creditors. Thereafter, plaintiff commenced an adversary proceeding pursuant to Rules of Bankruptcy Procedure 701 et seq. to determine the validity, priority or extent of liens or other…