Walter Marlin Brown and Burdean Ruth Brown v. First National Bank in Lenox

ARNOLD, Circuit Judge.

The appellants, Walter Marlin Brown and Burdean Ruth Brown, are the farmer-debtors in this proceeding under the newly enacted Chapter 12 of the Bankruptcy Code, 11 U.S.C. §§ 1201 et seq. The appellee, First National Bank in Lenox, has a security interest in a contract for deed under which the debtors have been buying a piece of real property. The question presented is whether a contract for deed is to be classified for purposes of Chapter 12 as an exec-utory contract, which the debtors must either reject or complete, or a lien, in which event the bank would be treated as…