- 4 -
On August 24, 1976, petitioner and his spouse mortgaged all
of their Illinois farmland to the Federal Land Bank of St. Louis
(FLB) for the principal sum of $625,000. The FLB mortgage is a
first lien against petitioner and his spouse's Illinois farmland.
On August 30, 1978, petitioner and his spouse obtained a second
mortgage on all of their Illinois farmland from the Farmers Home
Administration (FHA) in the principal sum of $70,000. On May 25,
1979, petitioner and his spouse obtained a third mortgage on all
of their Illinois farmland from FHA in the principal sum of
$310,000.
Petitioner and his spouse's Illinois farmland was divided
into seven tracts. As of August 3, 1983, tracts 1, 2, 3, 4, 5,
and 6 of petitioner and his spouse's Illinois farmland were held
in fee simple title in the name of the First National Bank of
Danville (FNB), as trustee under a trust agreement dated August
3, 1983, known as land trust No. 5179, and tract 7 of petitioner
and his spouse's Illinois farmland was held in fee simple title
in the name of FNB, as trustee under a trust agreement also dated
August 3, 1983, known as land trust No. 5180. The FNB land
trusts Nos. 5179 and 5180 provided that FNB would manage the
Illinois farmland owned by petitioner and his spouse. Petitioner
and his spouse were the beneficial owners of the property of the
trusts.
On August 4, 1983, petitioner and his spouse and their
daughter and son-in-law, Eva L. Dunavan and Joseph E. Dunavan,
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
Last modified: May 25, 2011