Hillyard Farms v. White County Bank

MEMORANDUM AND ORDER

FOREMAN, Chief Judge:

This case demonstrates the complexities and difficulties facing a district court under the Bankruptcy Amendments and Federal Judgeship Act of 1984.

The debtors maintain a farming operation in both White County, Illinois and Hamilton County, Illinois. On July 30, 1979 the debtors executed a promissory note in the principal amount of $430,000.00 made payable to Mutual Life Insurance Company of New York (MONY). This note was secured by a Deed of Trust and an Assignment of Rents Agreement on approximately 343 acres of land in White and Hamilton Counties,…