Lend Lease Asset Management, L.P. v. Cobra Security, Inc.

DICKINSON, Justice,

for the Court.

¶ 1. In this case, the primary issue presented is the validity of a judgment entered by a chancellor against a receiver *472who refused to pay from receivership funds certain unsecured debt which antedated the receivership.

BACKGROUND FACTS AND PROCEEDINGS

¶ 2. Aegis Oxford, owner of property known as The Oxford Mall, decided to call it quits. Unable to pay its outstanding $6.5 million debt which was secured by virtually all of its property including rents and accounts receivable, Aegis tendered a deed in lieu of foreclosure to Lend Lease Asset Management, LP,…