Castle Ranch I, Ltd. v. Castle Ranch of Ramona, Inc. (In Re Castle Ranch of Ramona, Inc.)

MEMORANDUM OF OPINION VACATING § 362 STAY

HERBERT KATZ, Bankruptcy Judge.

This is an action seeking relief from the automatic stay provisions of § 362(a) of the Bankruptcy Code [11 U.S.C. § 362(a)], brought by two limited partnerships who are the beneficiaries of an all inclusive deed of trust on property owned by the debtor which secures a promissory note in the original principal amount of $1,396,109.00.

The debtor acquired the property here in question, a 338 acre ranch called the Castle Ranch, by a grant deed from one Bob Wit-mondt on December 19, 1979. Witmondt had acquired the property one…