In Re Salem Plaza Associates

FRANCIS G. CONRAD, Bankruptcy Judge. *

Debtor has applied for an order 1 (a) declaring that RTC, receiver for First Federal Savings Bank, is not entitled to receive postpetition rents from Debtor’s Minot, North Dakota, shopping center under an assignment of rents; and (b) authorizing Debtor to use such rents to pay the expenses of operating the shopping center. Because both the operative language of the parties’ agreement and North Dakota law require us to hold that the assignment was not absolute, and therefore did not cut off all of Debtor’s interest in the rents, we grant Debtor the relief…