Paradise Land & Livestock Co. v. Federal Land Bank

HUXMAN, Circuit Judge.

This is a proceeding under Section 75 of the Bankruptcy Act, 11 U.S.C.A. § 203. This is the fourth appeal of this case to this court. A full statement of the facts is found in each of the previous opinions of >the court,1 and the statement of facts here will be confined to the matters involved in this appeal.

Appellant owned a large tract of land, consisting of irrigated land, dry farm land and grazing land, as well as a ranch house residence in town. The entire ranch consisted of 9,671 acres. Appellee held three mortgages on separate and distinct portions of the ranch,…