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11) Lakeside Bank holds a $100,000 note secured by a building owned by Fly-By-Night Manufacturing, which has filed for bankruptcy under Chapter 7 of the
11) Lakeside Bank holds a $100,000 note secured by a building owned by Fly-By-Night Manufacturing, which has filed for bankruptcy under Chapter 7 of the Bankruptcy Code. If the property has a book value of $120,000 and a fair market value of $90,000, what is the best way to describe the note held by Second City Bank? The bank has a(n) A. secured claim of $100,000. B. unsecured claim of $100,000 C. secured claim of $90,000 and an unsecured claim of $10,000 D. secured claim of $100,000 and an unsecured claim of $20,000
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