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FEDERAL LAND BANK OF OMAHA v. FISCHBACH

Civ. No. 87-1003.

72 B.R. 245 (1987)

FEDERAL LAND BANK OF OMAHA, Appellant, v. Arthur Paul FISCHBACH, Marlette Ida Fischbach, d/b/a Farmers, d/b/a Fischbach Trucking, a Sole Proprietorship, Appellees.

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

March 16, 1987.

Attorney(s) appearing for the Case

James Cremer, Bantz, Gosch, Cremer, Peterson & Oliver, Aberdeen, S.D., for appellant Federal Land Bank.

Jeffrey T. Sveen, Siegel, Barnett & Schutz, Aberdeen, S.D., for appellees.

MEMORANDUM OPINION

DONALD J. PORTER, Chief Judge.

Debtors, Arthur Paul and Marlette Ida Fischbach, filed a Chapter 11 petition on April 5, 1985 in the United States Bankruptcy Court for the District of South Dakota. Federal Land Bank of Omaha, one of the debtors' major creditors, holds a first mortgage on 708 acres of real property owned by the debtors.

As a result of repeated defaults, Federal Land Bank filed with the bankruptcy court on May 12...

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