Peterson v. Baker

COLLET, Circuit Judge.

This appeal is from an order of the District Court dismissing a proceeding brought by Farmer-Debtors under the Frazier-Lemke Act. 11 U.S.C.A. 203. A statement of the proceedings prior to the present appeal is necessary to an understanding of the issues now before this court.

Gilbert Peterson'and Mary Peterson were the owners of two tracts of land, one comprising 120 acres, the other 80 acres. On February 28, 1929, they placed a mortgage on the 80 to secure a note for $7500.00 to the Federal Land Bank of Omaha. Prior to February, 1939, the John Hancock Mutual Life…