In The Matter Of Springpark Associates

623 F.2d 1377 7 Bankr.Ct.Dec. 1244 In the Matter of SPRINGPARK ASSOCIATES, a Limited Partnership, Debtor-Appellant. CROWN LIFE INSURANCE CO., Plaintiff-Appellee, v. SPRINGPARK ASSOCIATES, a Limited Partnership. No. 78-1739. United States Court of Appeals, Ninth Circuit. Submitted April 11, 1980. Decided July 25, 1980. Joseph Bernfeld, Los Angeles, Cal., for debtor-appellant. Jon R. Moss, Los Angeles, Cal., for plaintiff-appellee. Appeal from the United States District Court for the Central District of California. Before TUTTLE * , WALLACE and NELSON, Circuit Judges. TUTTLE, Circuit Judge: 1 This is an appeal by a debtor from an order of a bankruptcy court, lifting an automatic stay which resulted in the sale of the debtor's property. The district court affirmed the judgment of the bankruptcy court. We also affirm the judgment. 2 In 1972, Springpark Associates (Springpark), a one-asset limited partnership, borrowed $650,000, securing the loan with a trust deed which was subsequently assigned to Crown Life Insurance Company (Crown). In November 1975, after the failure of Springpark to pay some real property taxes, Crown caused a notice of default and election to sell the trust…