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Bankruptcy Keyed to Bussel, 12th Ed.
Johnson v. First National Bank
Citation:
719 F.2d 270 (1983)Facts
Curtis and Gloria Johnson were the principal officers and shareholders of Oak Farms, Inc. and Oak Farms Service Co., Minnesota corporations engaged in agricultural business. In 1978, Oak Farms executed a mortgage on real estate to secure a $300,000 promissory note to First National Bank. In 1979, the companies and the Johnsons executed a second mortgage on the same property to secure nineteen additional promissory notes totaling approximately $650,000. Following default in September 1980, First National commenced foreclosure proceedings. A sheriff’s auction was held on October 31, 1980, where First National purchased the mortgaged property for $566,355.34. Under Minnesota law, the Johnsons had twelve months to redeem the property. Approximately three weeks before the redemption period expired, the Johnsons filed for Chapter 11 bankruptcy and sought to stay the expiration of the redemption period, claiming substantial equity in the property.
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