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Wilbur John Smith and Betty Jean Smith v. U.S.A./Rural Economic and Community Dev. (In re Smith)

Bankr. No.: 
87-30162
Adv. No.: 
94-3010
Chapter: 
12
Date of Decision: 
June 19, 1997
Issue: 
Whether FSA's liens on Debtors' real property would be extinguished when they completed their Chapter 12 plan payments although the real property might be subject to a different lien arising from a modified § 1111(b) election in a related Chapter 11 case?
Ruling: 
FSA's liens on Debtors' real property arising from Debtors' confirmed Chapter 12 plan would be extinguished when Debtors completed their Chapter 12 plan payments. Any liens on the same real property arising from a modified § 1111(b) election in a related Chapter 11 case would have to be decided in a separate action under or related to the confirmed Chapter 11 case.
Full Bankruptcy Court Decision: 
PDF icon Smith 6 19 97.pdf
Appeal Summary: 
The district court dismissed the appeals after the parties settled and filed a motion to dismiss.
Full Bankruptcy Appellate Panel/District Court Appeal Opinion: 
PDF icon Smith Wilbur 1997 Dst. Ct 1 8 98.pdf