1 Collier bankr.cas.2d 281, Bankr. L. Rep. P 67,291 in Re Pacific Homes, Debtor. Richard E. Matthews v. The United Methodist Church

KENNEDY, Circuit Judge:

The question presented to us on this appeal is pertinent only to those reorganization cases governed by the bankruptcy statutes prior to the effective date of the Bankruptcy Reform Act of 1978, Pub.L.No.95— 598, 92 Stat. 2549 (1978) (codified at 11 U.S.C. §§ 101, et seq.). Our decision, therefore, may be of limited significance for future cases, but the issue of statutory interpretation presented appears to be one of first impression and by reason of its importance to the parties in the proceeding we think it appropriate to explain in detail the reasons for our holding.…