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DeMERS v. FEDERAL LAND BANK OF OMAHA

Civ. No. 87-3034.

89 B.R. 48 (1987)

DeMERS, Dennis David and DeMers, Shirley Ann, Appellants, v. FEDERAL LAND BANK OF OMAHA, Appellee.

United States District Court, D. South Dakota, C.D.

November 10, 1987.

Attorney(s) appearing for the Case

Max A. Gors, Gors, Braun & Zastrow, Pierre, S.D., for appellants.

Brent A. Wilbur, May, Adam, Gerdes & Thompson, Pierre, S.D., for Federal Land Bank of Omaha.

Ray P. Murley, Asst. U.S. Atty., Sioux Falls, S.D., for U.S./Farmers Home Admin.

William P. Westphal, Sr., Minneapolis, Minn., U.S. Trustee.

MEMORANDUM OPINION

DONALD J. PORTER, Chief Judge.

On January 28, 1975, Dennis and Shirley DeMers [DeMers] mortgaged their 1199 acre farm in Tripp County, South Dakota to the Federal Land Bank of Omaha [FLB]. After DeMers defaulted on the loan, FLB foreclosed the mortgage and obtained a Final Judgment of Foreclosure on June 11, 1986 for $127,254.36. On July 25, 1986, the property was sold to FLB at a sheriff's sale for $129,672.37, and FLB obtained a sheriff...

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