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IN RE FARMERS FEDERATION COOPERATIVE, INC.

No. 1228.

243 F.Supp. 650 (1965)

In the Matter of FARMERS FEDERATION COOPERATIVE, INC., Bankrupt. Columbia Bank for Cooperatives, Petitioner, H. Kenneth Lee, Trustee in Bankruptcy, Respondent.

United States District Court W. D. North Carolina, Asheville Division.

July 15, 1965.

Attorney(s) appearing for the Case

John E. Shuford and Herbert I. Hyde, Asheville, N. C., for petitioner.

Thomas A. Uzzell, Jr., and Frank Parker, Asheville, N. C., for respondent.

CRAVEN, Chief Judge.

After bankruptcy adjudication on February 15, 1963, against Farmers Federation Cooperative, Inc. (hereinafter called Federation), Columbia Bank for Cooperatives (hereinafter called the Bank) filed its proof of secured claim in the amount of $162,155.85. The trustee admitted the claim but was allowed by the referee to credit against it the sum of $113,120.82, representing the value of stock and allocated surplus owned by Federation in the Bank...

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