First American Bank of Virginia/WND Corp. v. Harbour Pointe Ltd. Partnership (In Re Harbour Pointe Ltd. Partnership)

SUPPLEMENTAL DECISION

S. MARTIN TEEL, Jr., Bankruptcy Judge.

The debtor owns, subject to the bank’s lien, a boat marina on the Occoquan River in Woodbridge, Virginia and some adjacent or nearby vacant land. The bank sued for a declaration that the debtor’s rents from the marina are the bank’s cash collateral. After trial, the court, in an oral decision, found that the debtor had no equity in its property after the bank’s lien. The court further concluded that the bank does not hold an absolute assignment of rents; that a receiver would be appropriate under Virginia law to enforce the bank’s…