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COLUMBIA BANK FOR COOPERATIVES v. LEE

No. 10255.

368 F.2d 934 (1966)

COLUMBIA BANK FOR COOPERATIVES, Appellant, v. H. Kenneth LEE, Trustee in Bankruptcy, Appellee. In the Matter of FARMERS FEDERATION COOPERATIVE, INC., Bankrupt.

United States Court of Appeals Fourth Circuit.

Decided October 4, 1966.

Rehearing Denied November 23, 1966.

Attorney(s) appearing for the Case

Edwin P. Gardner, Columbia, S. C. (John F. Shuford, Asheville, N. C., and Robert A. Hope, Columbia, S. C., on the brief) for appellant.

Thomas A. Uzzell, Jr., Asheville, N. C. (Frank M. Parker, Uzzell & DuMont, and Parker, McGuire & Baley, Asheville, N. C., on the brief) for appellee.

Francis Shackelford, Atlanta, Ga. (Alston, Miller & Gaines, Atlanta, Ga., on the brief) for Cotton Producers Association as amicus curiae.

Before SOBELOFF and BOREMAN, Circuit Judges, and BARKSDALE, District Judge.

SOBELOFF, Circuit Judge:

This is a case of first impression involving the relation of the Farm Credit Act to bankruptcy proceedings.

Farmers Federation Cooperative, Inc., (hereafter Federation) was adjudicated a bankrupt in February, 1963, and appellee H. Kenneth Lee was appointed trustee. Federation then owed approximately $162,000 to the Columbia Bank for Cooperatives (hereafter the bank), secured by mortgages and deeds of trusts on certain property of the...

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