Todd v. Production Credit Ass'n of the Midlands/Farm Credit System Capital Corp. (In Re Todd)

MEMORANDUM AND ORDER

WILLIAM A. HILL, Bankruptcy Judge, Sitting by Designation.

The matter before the court is an adversary proceeding commenced on July 2, 1986, to determine the secured status of Production Credit Association of the Midlands/Farm Credit System Capital Corporation (PCA) in property of John and Alice Todd (Debtors). The dispute is essentially twofold: whether PCA’s security interest in the Debtors’ chattels is perfected and whether the proper amount of a real estate mortgage is $100,000.00, as indicated on the face of the mortgage. A trial was held before the undersigned on…