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BankWest, Inc. v. United States of America, Farmers Home Administration (In re Katcon, Inc.)

Bankr. No.: 
87-30158
Adv. No.: 
88-3006
Chapter: 
11
Date of Decision: 
February 10, 1989
Issue: 
Whether two simultaneously recorded encumbrances on the debtor's real estate have equal priority or whether one lien was intended by the parties to have superiority over the other.
Ruling: 
The Court held the mortgage given to the Farmers Home Administration had priority over an assignment of a contract for deed to the bank.
Full Bankruptcy Court Decision: 
PDF icon Katcon 2 10 89.pdf
Appeal Summary: 
In BankWest, Inc. v. United States, 102 B.R. 738 (D.S.D. 1989), the district court affirmed the bankruptcy court’s decision.
Full Bankruptcy Appellate Panel/District Court Appeal Opinion: 
PDF icon Katcon Dst Ct 7 13 89.pdf