B-146068, JUN. 21, 1961

B-146068, JUN. 21, 1961

TO THE SECRETARY OF AGRICULTURE:

YOUR LETTER OF JUNE 2, 1961, FORWARDED THE WRITTEN REQUEST OF THE PLANTERS BANK AND TRUST COMPANY, FORREST CITY, ARKANSAS, FOR THE RELEASE OF A JUNIOR REAL ESTATE LIEN HELD BY THE FARMERS HOME ADMINISTRATION, UNITED STATES DEPARTMENT OF AGRICULTURE, ON CERTAIN REAL PROPERTY LOCATED IN ST. FRANCIS COUNTY, ARKANSAS. THE REQUEST IS MADE AND THE MATTER REPORTED HERE PURSUANT TO 28 U.S.C. 2410 (D).

THE JUNIOR LIEN OF THE UNITED STATES AROSE FROM A REAL ESTATE MORTGAGE EXECUTED BY ANDREW B. YOUNG AND HIS SPOUSE, MILDRED TAYLOR YOUNG, IN FAVOR OF THE UNITED STATES OF AMERICA, ACTING THROUGH THE FARMERS HOME ADMINISTRATION, UNITED STATES DEPARTMENT OF AGRICULTURE. THE MORTGAGE, EXECUTED AUGUST 6, 1958, SECURES A PRINCIPAL BALANCE DUE OF $4,129.80 PLUS INTEREST AT 3 PERCENT ON AN EMERGENCY LOAN MADE PURSUANT TO PUBLIC LAW 38, 81ST CONGRESS, 63 STAT. 44, AS AMENDED, 12 U.S.C. 1148A-1 ET SEQ. IN ADDITION TO THE GOVERNMENT'S LIEN THE PROPERTY IS ENCUMBERED BY TWO SUPERIOR LIENS; ONE A DEED OF TRUST HELD BY PETITIONER, THE PLANTERS BANK AND TRUST COMPANY, SECURING A BALANCE OF $12,254.79, AND THE OTHER, A DEED OF TRUST EXECUTED IN FAVOR OF THE FORREST CITY PRODUCTION CREDIT ASSOCIATION, ASSIGNED TO MRS. J. R. YOUNG, SECURING A BALANCE OF $13,442.23. THE SENIOR LIEN HOLDER PLANTERS BANK AND TRUST COMPANY, DESIRES TO AVOID A FORECLOSURE PROCEEDING BY OBTAINING A CERTIFICATE RELEASING THE GOVERNMENT'S LIEN.

IN VIEW OF THE FINDING THAT THE MARKET VALUE OF THE PROPERTY OF THE DEBTORS DOES NOT EXCEED $13,000 AND, IF THE PROPERTY WERE SOLD, THE PROCEEDS WOULD BE INSUFFICIENT TO WHOLLY OR PARTIALLY SATISFY THE GOVERNMENT'S JUNIOR LIEN, AND SINCE THERE HAS BEEN SUFFICIENT COMPLIANCE WITH THE REQUIREMENTS OF THE STATUTE, THE REQUESTED CERTIFICATE OF RELEASE IS ENCLOSED.