B-146196, JUL. 7, 1961

B-146196: Jul 7, 1961

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THE REQUEST IS MADE PURSUANT OT THE PROVISIONS OF 28 U.S.C. 2410 (D). WAS IN THE AMOUNT OF $3. WAS $1. THE MORTGAGE HELD BY THE GOVERNMENT IS JUNIOR TO A FIRST REAL ESTATE MORTGAGE HELD BY C. THESE PRIOR MORTGAGES HAVE BEEN DULY RECORDED AND CONSTITUTE VALID LIENS AGAINST THE PROPERTY AT ISSUE. INASMUCH AS IT HAS BEEN DETERMINED ON THE BASIS OF APPRAISALS THAT THE FAIR MARKET VALUE OF THE PROPERTY IS APPROXIMATELY $12. S.) JACKSON HAS THE BENEFICIAL INTEREST IS APPROXIMATELY $985 AND THAT THESE AMOUNTS. THE REQUESTED CERTIFICATE OF RELEASE IS ENCLOSED. DULY RECORDED IN THE JURISDICTION IN WHICH THE PROPERTY IS LOCATED. TO HAVE THE SAME EXTINGUISED. AT THE TIME THE GOVERNMENT'S LIEN ATTACHED TO THIS PROPERTY IT WAS ENCUMBERED BY A DEED OF TRUST RECORDED ON JANUARY 5.

B-146196, JUL. 7, 1961

TO THE SECRETARY OF AGRICULTURE:

YOUR LETTER OF JUNE 20, 1961, REQUESTS THAT WE ISSUE A CERTIFICATE RELINQUISHING A JUNIOR LIEN RUNNING IN FAVOR OF THE UNITED STATES AGAINST CERTAIN PROPERTY OWNED BY MR. TORANCE J. DAVIS AND LOCATED IN ST. FRANCIS COUNTY, ARKANSAS. THE REQUEST IS MADE PURSUANT OT THE PROVISIONS OF 28 U.S.C. 2410 (D).

THE JUNIOR LIEN HELD BY THE UNITED STATES AROSE FROM A MORTGAGE EXECUTED BY TORANCE J. DAVIS AND HIS WIFE LILLIE M. DAVIS IN FAVOR OF THE UNITED STATES ACTING THROUGH THE FARMERS HOME ADMINISTRATION. THE MORTGAGE EXECUTED ON FEBRUARY 26, 1960, WAS IN THE AMOUNT OF $3,000, TO SECURE A DIRECT LOAN MADE TO MR. AND MRS. DAVIS BY THE FARMERS HOME ADMINISTRATION. THE AMOUNT OF THE LOAN OUTSTANDING AS OF MAY 18, 1961, WAS $1,558.94, PRINCIPAL AND $50.17, INTEREST.

THE MORTGAGE HELD BY THE GOVERNMENT IS JUNIOR TO A FIRST REAL ESTATE MORTGAGE HELD BY C. J. CHU (JAMES FONG) AND A SECOND REAL ESTATE MORTGAGE HELD BY PEARLIE (P.S.) JACKSON. THESE PRIOR MORTGAGES HAVE BEEN DULY RECORDED AND CONSTITUTE VALID LIENS AGAINST THE PROPERTY AT ISSUE. THIS SECURED INDEBTEDNESS OF THE PRIOR LIENHOLDERS AGAINST THE SUBJECT PROPERTY TOTALS APPROXIMATELY $19,765.47.

INASMUCH AS IT HAS BEEN DETERMINED ON THE BASIS OF APPRAISALS THAT THE FAIR MARKET VALUE OF THE PROPERTY IS APPROXIMATELY $12,000 AND THAT THE FAIR MARKET VALUE OF THE PERSONAL PROPERTY SECURING THE INDEBTEDNESS IN WHICH PEARLIE (P. S.) JACKSON HAS THE BENEFICIAL INTEREST IS APPROXIMATELY $985 AND THAT THESE AMOUNTS, IF REALIZED AT SALE, WOULD BE INSUFFICIENT TO WHOLLY OR PARTIALLY SATISFY THE GOVERNMENT'S LIENS AFTER SATISFACTION OF THE SENIOR LIENS, AND SINCE IT APPEARS THAT THERE HAS BEEN SUFFICIENT COMPLIANCE WITH THE REQUIREMENTS OF THE STATUTE, THE REQUESTED CERTIFICATE OF RELEASE IS ENCLOSED.

OFFICE OF THE COMPTROLLER GENERAL OF THE UNITED STATES

WASHINGTON, D.C.

CERTIFICATE OF RELEASE

KNOW ALL MEN BY THESE PRESENTS THAT---

WHEREAS, TITLE 28 U.S.C., SECTION 2410 (D) PROVIDES AS FOLLOWS:

"/D) WHENEVER ANY PERSON HAS A LIEN UPON ANY REAL OR PERSONAL PROPERTY, DULY RECORDED IN THE JURISDICTION IN WHICH THE PROPERTY IS LOCATED, AND A JUNIOR LIEN, OTHER THAN A TAX LIEN, IN FAVOR OF THE UNITED STATES ATTACHES TO SUCH PROPERTY, SUCH PERSON MAY MAKE A WRITTEN REQUEST TO THE OFFICER CHARGED WITH THE ADMINISTRATION OF THE LAWS IN RESPECT OF WHICH THE LIEN OF THE UNITED STATES ARISES, TO HAVE THE SAME EXTINGUISED. IF AFTER APPROPRIATE INVESTIGATION, IT APPEARS TO SUCH OFFICE THAT THE PROCEEDS FROM THE SALE OF THE PROPERTY WOULD BE INSUFFICIENT TO WHOLLY OR PARTLY SATISFY THE LIEN OF THE UNITED STATES, OR THAT THE CLAIM OF THE UNITED STATES HAS BEEN SATISFIED OR BY LAPSE OF TIME OR OTHERWISE HAS BECOME UNENFORCEABLE, SUCH OFFICER SHALL SO REPORT TO THE COMPTROLLER GENERAL WHO MAY ISSUE A CERTIFICATE RELEASING THE PROPERTY FROM SUCH LIEN.'

WHEREAS, ON OR ABOUT FEBRUARY 26, 1960, TORANCE J. DAVIS AND LILLIE M. DAVIS, HIS WIFE EXECUTED A MORTGAGE IN FAVOR OF THE UNITED STATES OF AMERICA ACTING THROUGH THE THE ADMINISTRATOR OF THE FARMERS HOME ADMINISTRATION TO SECURE PAYMENT OF $3000 ON A DIRECT LOAN MADE TO THEM BY THE SAID FARMERS HOME ADMINISTRATION.

WHEREAS, AS A RESULT OF THIS MORTGAGE A LIEN ATTACHED TO CERTAIN PROPERTY OWNED BY TORANCE J. DAVIS LOCATED IN ST. FRANCIS COUNTY, ARKANSAS, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

80 ACRES OF LAND, MORE OR LESS, ALL IN TOWNSHIP 5 NORTH, RANGE 5 EAST, AND DESCRIBED IN THE AFOREMENTIONED MORTGAGE AS T/D ON SW 1/4 OF THE NE 1/4 OF SECTION 10, AND THE NW 1/4 SE 1/4 SECTION 10.

WHEREAS, AT THE TIME THE GOVERNMENT'S LIEN ATTACHED TO THIS PROPERTY IT WAS ENCUMBERED BY A DEED OF TRUST RECORDED ON JANUARY 5, 1957, HELD BY, C. C. CANNON FOR THE USE OF C. Q. CHU IN THE PRINCIPAL SUM OF $10,942.48 AND WAS ALSO ENCUMBERED BY A DEED OF TRUST RECORDED ON FEBRUARY 5, 1958, HELD BY C. C. CANNON FOR THE USE OF P. S. JACKSON IN THE PRINCIPAL SUM OF $7,930, WHICH DEEDS OF TRUST CONSTITUTE PRIOR AND SENIOR LIENS ON THE PROPERTY; AND

WHEREAS, A SENIOR LIENHOLDER, P. S. JACKSON, HAS APPLIED FOR THE RELEASE OF THE GOVERNMENT'S LIEN ON THE ABOVE DESCRIBED PROPERTY; AND

WHEREAS, THE SECRETARY OF AGRICULTURE IS THE OFFICER CHARGED WITH THE ADMINISTRATION OF THE LAWS IN RESPECT OF WHICH THE LIEN OF THE UNITED STATES ARISES (7 U.S.C. 1001); AND

WHEREAS, THE SECRETARY OF AGRICULTURE HAS REPORTED THAT THE LIEN OF THE UNITED STATES SO CREATED IS JUNIOR TO THE DEED OF TRUST LIEN OF THE APPLICANT; AND

WHEREAS, THE SECRETARY OF AGRICULTURE HAS FOUND THAT THE PROCEEDS FROM THE SALE OF THE INVOLVED PROPERTY WILL BE INSUFFICIENT TO SATISFY IN WHOLE OR IN PART THE JUNIOR LIEN HELD BY THE UNITED STATES;

NOW THEREFORE, UNDER AUTHORITY OF THE ABOVE-QUOTED STATUTORY PROVISION, I HEREBY ISSUE THE CERTIFICATE OF RELEASE OF THE PROPERTY HEREINBEFORE DESCRIBED FROM SUCH LIEN IN THE AMOUNT OF $1,558.94, NOW OUTSTANDING, PLUS INTEREST AS AROSE IN FAVOR OF THE UNITED STATES ON ACCOUNT OF THE AFORESAID MORTGAGE, INSOFAR AS THE SAME MAY BE A LIEN OR CHARGE UPON OR AGAINST SAID PROPERTY. THIS CERTIFICATE IS NOT INTENDED TO AND SHALL NOT OPERATE AS A RELEASE, SATISFACTION, OR DISCHARGE OF ANY LIENS OF THE UNITED STATES ARISING OUT OF THE AFORESAID LOANS, EXCEPT THE PROPERTY DESCRIBED ABOVE.

IN WITNESS WHEREOF, I HEREUNTO SET MY HAND AND SEAL THIS ------ DAY OF JULY 1961.