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HARMON v. U.S. THROUGH FARMERS HOME ADMIN.

Nos. 95-3420, 95-3520 and 95-3708.

101 F.3d 574 (1996)

Delores HARMON, Individually and as Executrix of the Estate of Ralph Harmon, Appellee/Cross-Appellant, v. UNITED STATES of America, acting through the FARMERS HOME ADMINISTRATION, United States Department of Agriculture; Thomas A. Lloyd, Assistant U.S. Attorney; Dallas Tonsager, State Director of the Farmers Home Administration, Appellants/Cross-Appellees. Delores HARMON, Individually and as Executrix of the Estate of Ralph Harmon, Appellant, v. UNITED STATES of America, acting through the FARMERS HOME ADMINISTRATION, United States Department of Agriculture; Thomas A. Lloyd, Assistant U.S. Attorney; Dallas Tonsager, State Director of the Farmers Home Administration, Appellees.

United States Court of Appeals, Eighth Circuit.

Decided December 2, 1996.

Attorney(s) appearing for the Case

Thomas A. Lloyd, argued, Pierre, SD (Craig P. Gaumer and Karen E. Schreier, U.S. Attorney, Sioux Falls, SD, on the brief), for Appellant.

Robert R. Schaub, argued, Chamberlain, SD, for appellees.

Before FAGG, BOWMAN, and HANSEN, Circuit Judges.

BOWMAN, Circuit Judge.

This case presents a question of first impression in the Courts of Appeals: whether Chapter 12 of the Bankruptcy Code permits a debtor to "strip down" an undersecured creditor's lien to the value of the collateral. We hold that it does and accordingly affirm the judgment of the District Court.1

I.

In 1974, Delores Harmon and her late husband entered into a contract for deed to purchase 917 acres...

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