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Judge Griesa http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=46107 A BANKRUPTCY appeal arose from the sale of property belonging to the estate of the debtor. Appellant is the trustee of the estate and made the sale. Appellee claimed that it holds a security interest in the property and brought an adversary proceeding in the bankruptcy court to assert that interest. The bankruptcy court granted summary judgment to the appellee, concluding that the trustee could not assume the status of a bona fide purchaser and could not avoid the appellee’s proper interest in the property. The instant court affirmed, determining that both the property’s failure to produce the lease and lease assignment and the existence of the appellee’s UCC filings gave constructive notice to the trustee of the appellee’s interest in the property. The court held, therefore, that the trustee was unable to assume the status of a bona fide purchaser under 11 USC �544(a)(3) and that appellee asserts a valid lien against the proceeds of the trustee’s sale of the property’s lease.

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