Matter of International Supply Corp. of Tampa, Inc., Bankruptcy No. 87-1266.

• Decision Date: 17 April 1987
• Docket Number: Bankruptcy No. 87-1266.
• Parties: In the Matter of INTERNATIONAL SUPPLY CORPORATION OF TAMPA, INC., Debtor.
• Court: United States Bankruptcy Courts. Eleventh Circuit. U.S. Bankruptcy Court — Middle District of Florida

72 B.R. 510 (1987)

In the Matter of INTERNATIONAL SUPPLY CORPORATION OF TAMPA, INC., Debtor.

Bankruptcy No. 87-1266.

United States Bankruptcy Court, M.D. Florida, Tampa Division.

April 17, 1987.

Robert W. Clark, Tampa, Fla., for Intern. Supply Corp. of Tampa, Inc.

Darryl R. Richards, Clearwater, Fla., for Life Sav. Bank.

ORDER ON MOTION TO LIFT STAY

ALEXANDER L. PASKAY, Chief Judge.

THIS CAUSE came on for consideration upon notice and hearing of a Motion to Lift Stay, filed by Life Savings Bank, a creditor of the above-captioned Chapter 11 case (Life). Life seeks relief from the automatic stay in order to go forward with the foreclosure and quiet title action currently pending in the Circuit Court of Pinellas County, Florida, and an eviction proceeding pending in the County Court of Pinellas County, Florida. The relevant facts as they appear from the record are without dispute and are as follows:

On January 30, 1987, International Supply Corporation of Tampa, Inc., the Debtor (Debtor), Life, and P.D. Richards, as Trustee for assets of the Debtor, entered into a stipulation agreement wherein the parties settled two lawsuits which were pending against the Debtor in State Court in Pinellas County, Florida, one to evict the Debtor from certain property, and another to foreclose a mortgage, to quiet title, and to extinguish or cancel an easement of record held by the Debtor on the same property which was the subject of the eviction action. Pursuant to the stipulation agreement, which was approved by appropriate Court orders, Life agreed to sell and the Debtor agreed to buy the subject property by March 11, 1987. The agreement further provided that if the parties did not consummate the sale on or before March 11, 1987, the County Court would enter a judgment of eviction granting Life the right to immediate possession of the property and the Circuit Court would enter an order cancelling and extinguishing any and all right, title, and interest the Debtor or the Trustee may have to the property. Closing was scheduled for 10:00 a.m. on March 11, but no closing took place. At 10:04 a.m. on March 11, the Debtor filed its Petition for Relief under Chapter 11 of the Bankruptcy Code.

Life moves for relief from the automatic stay pursuant to § 362(d)(1) and (d)(2), alleging that first the Debtor's interest in the property died when the Debtor failed to consummate the settlement at 10:00 a.m. on March 11, and thus, the automatic stay does not apply because the...