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IN RE JARRETT RANCHES, INC.

Bankruptcy No. 88-10117, Adv. No. 89-1001.

107 B.R. 969 (1989)

In re JARRETT RANCHES, INC., Debtors. JARRETT RANCHES, INC., Jarrett Elevators, Inc.; Donald D. and Jeannine Jarrett, husband and wife; and Ronald R. and Jacqueline Jarrett, husband and wife, Plaintiffs, v. FARM CREDIT BANKS OF OMAHA, Production Credit Association of the Midlands and Federal Land Bank Association of Aberdeen, Defendants.

United States Bankruptcy Court, D. South Dakota.

August 16, 1989.

Attorney(s) appearing for the Case

Norman J. Baer, Minneapolis, Minn. and Philip Morgan, Britton, S.D., for plaintiffs.

Brent A. Wilbur, Pierre, S.D., for defendants.

MEMORANDUM DECISION

IRVIN N. HOYT, Chief Judge.

The Court has before it Farm Credit Bank of Omaha's (FCBO) motions for summary judgment in the above captioned matter. After considering the evidence, briefs, and arguments, of counsel, the Court is prepared to render its decision.

The undisputed facts are as follows: In August, 1988, the Jarrett family, on behalf of Jarrett Elevators, Inc. and Jarrett Ranches, Inc., entered into a settlement

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