You are here

Jarrett Ranches, Inc. v. Farm Credit Bank of Omaha (In re Jarrett Ranches, Inc.)

Bankr. No.: 
88-10117
Adv. No.: 
89-1001
Chapter: 
11
Date of Decision: 
August 16, 1989
Issue: 
(1) Whether one may be awarded summary judgment where no formal motion has been made for it? (2) Whether waiver of rights under the Agricultural Credit Act is void as a matter of law? (3) Whether extension of previously waived rights estops lenders from later canceling such extension? (4) Whether property to be completely liquidated may be appraised in numerous acts? (5) Whether value set forth by lender on IRS Form 1099 may be used in determining fair market value? (6) Whether method of sale proposed by lender complies with the Agricultural Credit Act?
Ruling: 
(1) Summary judgment may be awarded in the absence of a formal motion where notice has been provided, the interests of the parties and judicial economy would be served, and all requirements for summary judgment are met. (2) Waiver of rights under the Agricultural Credit Act is not void as a matter of law. (3) Lender, having extended previously waived rights, is estopped from later unilaterally withdrawing such extension. (4) Where entire property is to be sold, it must be appraised as one unit. (5) IRS Form 1099 may be used in establishing fair market value of real estate. (6) Method of sale proposed by lender did not comply with the Agricultural Credit Act. In re Jarrett Ranches, Inc., 107 B.R. 969 (Bankr. D.S.D. 1989).
Full Bankruptcy Court Decision: 
Appeal Summary: 
In Jarrett Ranches, Inc. v. Farm Credit Bank of Omaha, 128 B.R. 263 (D.S.D. 1990), the district court reversed the bankruptcy court’s granting of summary judgment and remanded the case for further proceedings.
Full Bankruptcy Appellate Panel/District Court Appeal Opinion: