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MATTER OF DILSAVER

Bankruptcy Nos. BK86-2334, BK86-2405, BK86-2406, BK87-697 and BK86-1890.

86 B.R. 1010 (1988)

In the Matter of Arthur W. DILSAVER, Hilton Land & Cattle Co., Kenneth and Peggy Hilton, James M. and Rosemarie Pflum, Peter and Rachel Regier, Debtors.

United States Bankruptcy Court, D. Nebraska.

May 13, 1988.

Attorney(s) appearing for the Case

William Needler of Wm. L. Needler & Associates, Ltd., Chicago, Ill., Arlan Wine, Wauneta, Neb., for debtor.

Nancy Svoboda, James McClymont, George Vinton of Kelley, Scritsmeier, Moore & Byrne, P.C., North Platte, Neb., for Federal Land Bank of Omaha (FLB).

Jess Nielsen of Nielsen & Birch, North Platte, Neb., for H.B.E. Leasing.

MEMORANDUM

TIMOTHY J. MAHONEY, Chief Judge.

These cases raise the issue of whether the Agricultural Credit Act of 1987 (Act) is applicable in the bankruptcy setting.

Statement of Facts

In the Matter of Dilsaver:

The FLB is a secured creditor of Arthur Dilsaver, debtor, and holds a real estate mortgage which provides for the conveyance of rents and profits if foreclosure is initiated. Debtor apparently was not in default...

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