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Secured Transactions Keyed to Lopucki
In re Cliff’s Ridge Skiing Corp.
Citation:123 B.R. 753 (Bankr. W.D. Mich. 1991)
On July 24, 1980, FOA loaned Cliff’s Ridge Dev. the sum of $300,000 pursuant to a note. Repayment of this indebtedness was secured by Cliff’s Ridge Rev. executing a mortgage and a security agreement. The mortgage was properly perfected by recordation with the Marquette County Register of Deeds on August 1, 1980. The mortgage language granted FOA an interest in certain real property owned by Cliff’s Ridge Dev. together with all improvements created on or attached to the property. The debtor contracted to purchase all of Cliff’s Ridge Dev.’s assets and began operating the ski area with the cooperation of Cliff’s Ridge Dev. The debtor purchased the chairlift and installed it in the ski area. On December 1982, the debtor and First National executed a loan agreement, which provides that First National will loan $175,000 to the debtor to be used to purchase the chairlift, First National will receive a perfected security interest in the chairlift. The agreement also includes a representation that the debtor has marketable title to the chairlift.
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