In Re Shamblin

890 F.2d 123 19 Bankr.Ct.Dec. 1615 In re William B. SHAMBLIN; Grace G. Shamblin, Debtors. PHOENIX BOND & INDEMNITY COMPANY; Stanford D. Marks; Debois Investment Group, Inc., Appellants, v. William B. SHAMBLIN; Grace Shamblin, Appellees. No. 88-5840. United States Court of Appeals, Ninth Circuit. Argued and Submitted April 6, 1989. Decided June 30, 1989. As Amended on Denial of Rehearing and Rehearing En Banc Nov. 22, 1989. Russell H. Rapoport, Encino, Cal., for appellants. Gerard C. Heldrich, Jr., Chicago, Ill., for appellees. Appeal from the Ninth Circuit Bankruptcy Appellate Panel. Before WRIGHT and FARRIS, Circuit Judges, and SMITH, * District Judge. EUGENE A. WRIGHT, Circuit Judge. 1 Phoenix Bond & Indemnity Company, Stanford D. Marks, and DeBois Investment Group, Inc., appeal the decision of the Bankruptcy Appellate Panel. The panel reversed the bankruptcy court's refusal to set aside the tax sale of Grace Shamblin's real property. The panel also granted the tax sale purchaser a lien on the property to the extent of present equivalent value given. We reverse the panel's grant of a lien to the tax sale purchaser. We affirm the panel's decision in all other respects.…