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FEDERAL FARM MORTGAGE CORPORATION v. PAULSEN

No. 10886.

149 F.2d 897 (1945)

FEDERAL FARM MORTGAGE CORPORATION v. PAULSEN.

Circuit Court of Appeals, Ninth Circuit.

May 31, 1945.

Attorney(s) appearing for the Case

Richard W. Young, M. G. Hoffmann, and Percy A. Smith, all of Berkeley, Cal., for appellant.

Withers & Edwards, of Reno, Nev., for appellee.

Before GARRECHT, MATHEWS, and HEALY, Circuit Judges.

HEALY, Circuit Judge.

Appellant is the holder of a first mortgage on appellee's farm. As the result of proceedings under § 75 of the Bankruptcy Act, 11 U.S.C.A. § 203, appellee was adjudicated a bankrupt pursuant to subsection s, the so-called Frazier-Lemke Act. The farm was thereafter appraised at $3,000; and on March 25, 1940, the court entered an order approving the appraisal, setting aside exemptions, granting a stay and continuing the debtor in possession...

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