The Supreme Court held arguments Monday in the only banking case on its agenda this term, probing whether senior creditors or shareholders of insolvent companies have an upper hand in bankruptcies.

The case, Bank of America v. 203 N. LaSalle Street Partnership, resulted from the failure of the real estate partnership to repay a $93 million loan on a commercial property. The loan was secured by the property - 15 floors of a downtown Chicago office building - which covered only $54.5 million of the loan.

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