1987 #02, Hofer, 12-24-87

In Re: NORLAND BICKY HOFER and SUSAN RAE HOFER, Debtors, NORLAND BICKY HOFER and SUSAN RAE HOFER, Plaintiffs, -vs- SECURITY STATE BANK, Defendant, Case No. 87-10059, Adversary No. 87-1017, Chapter 7

MEMORANDUM DECISION

The above captioned matter came on for hearing December 9, 1987. The Debtors/Plaintiffs, Norland and Susan Hofer, appeared together with their attorney William Pfeiffer, the creditor/Defendant, Security State Bank, appeared by its Vice President H.R. (Ray) Wood and its attorney Douglas Kludt. Both sides presented testimony in support of their respective positions. The Court took the matter under advisement to review a telephone deposition received as Defendants Exhibit E.

This Court is satisfied after reviewing the testimony and exhibits herein that the Hofers knowingly made a valid encumbrance of the real property in question, namely Lots 1 through 5 inclusive, of Block 9, original Plot to the City of Doland, Spink County, South Dakota, except the 5. 65 of said lots, pursuant to SDCL 43-31-17 accordingly the relief requested by Plaintiffs complaint is hereby denied.

Counsel for Defendant/Creditor may prepare appropriate findings of fact and conclusions of law.

Dated this 24th day of December, 1987.