First National Bank of Pennsylvania v. Cech (In Re Ambrose)

MEMORANDUM OPINION

JUDITH K. FITZGERALD, Bankruptcy Judge.

The matters before the court are three motions for relief from stay filed on behalf of First National Bank of Pennsylvania (hereafter “First National”). 1 For the reasons which follow the motions will be granted.

In June of 1991 Ronald Ambrose, Oliver K. Ndimbie and Willy M. Balaba (hereafter “Debtors”) and George Tita (hereafter “Tita”) borrowed $224,000 from First National. The loan was evidenced by a promissory note dated June 3, 1991. Debtors and Tita executed a security agreement dated May 31, 1991, in favor of First National which…