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IN RE ZIEGLER

Bankruptcy No. 485-00012, Adv. No. 485-0002.

65 B.R. 285 (1986)

In re Ronald John ZIEGLER and Judy Lea Ziegler, Debtors. Ronald John ZIEGLER, Plaintiff, v. FIRST NATIONAL BANK OF VOLGA, Defendant, and Federal Land Bank of Omaha, Defendant-Intervenor.

United States Bankruptcy Court, D. South Dakota.

September 30, 1986.

Attorney(s) appearing for the Case

J. Bruce Blake, Sioux Falls, S.D., for plaintiff/debtor Ronald John Ziegler.

Curtis E. Wallum, Stuart, Gerry, Grunewaldt & Wallum, Sioux Falls, S.D., for defendant First Nat. Bank of Volga.

Peter J. Horner, Christopherson, Bailin & Anderson, Sioux Falls, S.D., for defendant-intervenor Federal Land Bank of Omaha.

MEMORANDUM DECISION

PEDER K. ECKER, Bankruptcy Judge.

This case is before the Court on the issue of whether an assignment of rents clause contained in a mortgage must be perfected after default before the mortgagee is entitled to the rents.

FACTS

The debtors, Ronald and Judy Ziegler, own approximately 727 acres in Brookings County, South Dakota. On March 20, 1978, the debtors entered into a loan transaction with the Federal Land Bank (FLB...

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