First National Bank in Brookings v. Boerger (In Re Boerger)

MEMORANDUM OPINION AND ORDER

FRANK W. KOGER, Bankruptcy Judge.

This adversary complaint comes before the Court to be ruled on the pleadings and briefs submitted. Since there is no substantial factual dispute, the rather complicated background will be stated as briefly as possible. Debtor purchased a Chrysler-Plymouth dealership in Brookings, South Dakota in July of 1972, and the debt involved here arose therefrom. In 1974 after liquidation of the dealership, debtor was sued by the First National Bank of Brook-ings for the balance.

The bank alleged fraud and in May of •1975 the bank obtained a…