Source: http://openjurist.org/109/f3d/909
Timestamp: 2014-10-31 15:59:15
Document Index: 305236069

Matched Legal Cases: ['§ 2001', '§ 2091', '§ 2219', '§ 2219', '§ 2219', '§ 2219']

109 F3d 909 Wagner v. Pennwest Farm Credit Aca | OpenJurist
109 F. 3d 909 - Wagner v. Pennwest Farm Credit Aca	Home109 f3d 909 wagner v. pennwest farm credit aca
109 F3d 909 Wagner v. Pennwest Farm Credit Aca 109 F.3d 909
Dewey A. WAGNER, Appellant,v.PENNWEST FARM CREDIT, ACA; a corporation.Dewey A. WAGNER, Appellant,v.PENNWEST FARM CREDIT, ACA; a corporation; Gary J.Gaertner, Trustee; James L. Witherup; Kathy L. Weaver.Dewey A. WAGNER, Appellant,v.PENNWEST FARM CREDIT, ACA; a corporation.
Nos. 96-3197, 96-3198, 96-3199.
Stephen H. Hutzelman, Shapira, Hutzelman, Berlin & May, Erie, PA, for Appellant.
Louis J. Stack, Shafer, Swick, Bailey, Irwin, Stack & Millin, Meadville, PA, for Appellee Pennwest Farm Credit.
Henry W. Gent, III, Gent, Gent & Snyder, Franklin, PA, for Appellees James L. Witherup and Kathy L. Weaver.
Before SLOVITER, Chief Judge, STAPLETON and ALDISERT, Circuit Judges
This appeal comes before us on the contention of appellant Dewey A. Wagner that the bankruptcy court, in an order affirmed by the district court, erred in holding that debtor Wagner's statutory right of first refusal under the Agricultural Credit Act ("ACA" or "Act"), 12 U.S.C. § 2001--2279aa-14 (1988), was not property of the bankruptcy estate. In order to decide that issue we confront the underlying question whether there is an implied private right of action under the Agricultural Credit Act, an issue this court has not yet decided.
Most of the facts in this case relevant to that issue are not in dispute. On April 4, 1980, Wagner signed a loan agreement with PennWest Farm Credit, ACA, ("PennWest"), secured by a mortgage on a nineteen acre piece of property in Venango County, Pennsylvania. PennWest is a corporation organized and existing under the federal Farm Credit System. See 12 U.S.C. § 2091. After Wagner defaulted on the payments due, PennWest obtained judgment against Wagner in the Venango County Court of Common Pleas and took title to the property following a sheriff's sale.
The ACA requires an institution of the Farm Credit System that acquires agricultural real estate as a result of a loan foreclosure to provide the previous owner a right of first refusal. See 12 U.S.C. § 2219a(a). This is effected by requiring an institution that elects to sell acquired real estate to notify the previous owner within fifteen days of such election of that owner's right to purchase the property at its fair market value as established by an accredited appraiser or to offer to purchase it at a lesser price. See 12 U.S.C. § 2219a(b)(1). If the previous owner offers to purchase the property at the appraised value within thirty days after receiving the notice of first refusal, the Act requires that the institution "shall, within 15 days after the receipt of such offer, accept such offer and sell the property to the previous owner." 12 U.S.C. § 2219a(b)(3). If the previous owner's offer is for less than the appraised value, the institution must notify the previous owner within fifteen days whether it is accepting or rejecting that bid. See 12 U.S.C. § 2219a(b)(4).