Century National Bank v. Scheidmantel Olds-Cadillac, Inc. (In Re Scheidmantel Olds-Cadillac, Inc.)

MEMORANDUM OPINION

JUDITH K. FITZGERALD, Bankruptcy Judge.

Before the court is the motion of Century National Bank (hereafter “Century”) to authorize payment to it from the proceeds of a sale. The essential facts are not disputed and are detailed in Century’s brief in support of its motion.

Scheidmantel Olds-Cadillac, Inc., (hereafter “Debtor”) is the successor of Cory Olds-Cadillac, an automobile dealer. Century is Debtor’s secured creditor pursuant to a duly recorded financing statement and security and loan agreement with Cory Olds-Cadillac. As noted in the security and loan agreement,…