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FOR THE NORTIIER.~ DISTI:ICT OF CEORCIA 3i'~'S99 ~
ATLANTA DIVISION ~
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IN T~iE MATTER OF: . t IN PROCEEAINCS FOR THE REORGANIZATION ~
: OF A CORPORATION UNDER CHAPT4~'`7~ Q~j ~Z vN 1~ = a
NORTH AMCRICAN ACCEPTANCE CORPORATION, : T21E BANKRUPTCY ACT ~
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Debtor. : CASE N0. B74-290A ~
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Upon the Application of Robert E. Hicks, the Trustee of NORTtI 11~ ~ y~W
ACCEPTANCE CORPORATION (NAAC) praying for relief needed in the furtherance of its
operation in compliance with Chapter X of t!~e~Bankruptcy Act, sud sufficient cause
being shown in said application, and it appearing that no notice of a hearing on said
application need be given,
Now upon said application and a11 the proceedings had before me at said
hearing, and due deliberation having been had thereon; the ~
~
COURT IS SATISFIED AND DOES FIND
1. That NAAC is presently in a Chapter X Corporate Reorganization Proceed-
ing under the provisions of the Bankruptcy Act, and Robert S. Hicks Was appointed, duly
qualified and is naw serving as Trustee. -
2. That by the Order of Honorable Nevell Edenfield, District Judge, U. S.
District Court, Northern District of Georgia, dated March 5, 1974, the Court enjoined
and stayed any action by any party vhich Would interfere with the possession or
management of the property of NAAC; and that this Order is still in effect.
3. That NAAC owns real property, mortgages, land contracts, accounts re- .
ceivable and other interest in properties which have arisea or vill arise in the course
of NAAC's business and said preperty or intezest Iu properties are within the exclusive
jurisdiction of this Caurt.
4. That NAAC is engaged in litigation with Security Mortgage Investors (SMI)
before this Court in which litigation YAAC is laying claim to alI residential mortgages,
deeds to secare debt,=land contracts and other instru~nts evidencing real property
interest vhich have been purportedly transferred by NAAC to SMI and which may be recorded
in the name of NAAC, SMI or Trustees for SMI. This order does not constitute an ad-
judication by this Court of any of the issues involved in aay litigation pending between
SMI and the Trustee of NAAC.
S. That for the Trustee to comply with the filing requirements of Se~tions
; 21(g) and 47(c) and Rule 10-602(a) of the Bankruptcy Act would be extremely eacoensive
' and burdensome and would not provide sufficient proteetion or notice.
i
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j IT IS THEREFORE ORDERED, ADJUDGED AND DECREED THAT:
E
~ All parties whosoever, until furLher order of this Court, are enjoined~and
staped: (1) fzom commencing or continuing any=action.at law or suit or proceeding in
equity against (2) from executing oz issuing or causing the execution or issuance of
any writ, attachment or any other- p~ocess for the purpose of impounding or taking
possession of or interfering with or enforcing a lien upon, or (3) from doing any act
or thing whatsoever to interfere with the possession or management of, NORTH AMERICe1N
ACCEPTA~'~CE CORPORATION, or any property or interest in property of NORTH AMERICA,v ~
ACCEPTAt7CE CORPORATION, or property upon which ~IORTH AMERICAN ACCEPTANCE CORPORATION holds ;
a mortgage, or any property or interest in property or property upon which NORTH AMERICA.~ ~
~ ACCEPTA~'~CE CORPORATION ~or SECURITY .tURTGAGE I:NESTORS holds a mortgage arhich has been
~ purportedly transferred by NORTH AMERICAN aCCEPTA?vCE CORPORATION to or which is in the
~ name of SECURITY MORTGAGE INVESTORS or Trustees for SECURITY MORTGAGE INVESTORS.
~
~ IT IS Fl1RTEiER ORDERED, that ~
~ The Trustee shall be relieved of his obligations tD comply vith the filing ~
~ zequireme:tt.~__:~t,5ect~ons 21(g) and 47(c) and Rule 10-642~a)~ o~ the Bankruptcy Act, and
~ instead,_~' •i"•. le ~a .certified copy uf this Order in the office where transfers of
~ real ded in every county wnere NORTH AMERICAN ACCEPTANCE CORPORATION
or ~iHES ORS, as assignee from NORTH Al`fERICAN ACCEPTAttCE CORPORATION,
~ has ~an.3iitere~
s
.v~~`ms interest in real property.
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~ . CLE ~ 5
. A. . BA.tiKi~,~ JUDGE -
~ ~ D~puty Clerk 0 R 31'7599
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