Frank S. Schmidt v. Farm Credit Services, Formerly D/B/A Federal Land Bank of Wichita and Schmidt C & R Co., Inc.
Court of Appeals for the Tenth Circuit
1Opinion of the Court
HOLLOWAY, Circuit Judge.
This appeal arises from a shareholder derivative suit instituted by the appellant Frank Schmidt against Schmidt C & R Co., Inc. (the Corporation) and Farm Credit Ser vices (Farm Credit). Frank Schmidt claims that his nephew John Schmidt, the president of the Corporation, fraudulently gave himself authority to mortgage corporate property and receive the proceeds in the Corporation’s name from Farm Credit. Frank Schmidt seeks to have the court set aside the mortgage and its accompanying obligation. On cross motions for summary judgment, the district court granted…
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