GREEN TREE FINANCIAL CORP
8-K, 1996-09-13
ASSET-BACKED SECURITIES
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<PAGE>
 
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                    ---------------------------------------


                                   FORM 8-K

                                CURRENT REPORT
                    Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934



     Date of Report (Date of earliest event reported):  September 12, 1996


                       GREEN TREE FINANCIAL CORPORATION
                   as originator of Green Tree Recreational,
                       Equipment & Consumer Trust 1996-C
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)

 
Minnesota                               1-8916                 41-1807858
- ------------------------------------------------------------------------------
(State or other jurisdiction          (Commission             (IRS employer
      of incorporation)               file number)         identification No.)



 1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota  55102-1639
- ------------------------------------------------------------------------------
                   (Address of principal executive offices)


  Registrant's telephone number, including area code:          (612) 293-3400
                                                               --------------
                                Not Applicable
 -----------------------------------------------------------------------------
         (Former name or former address, if changed since last report)
<PAGE>
 
Item 1.    Changes in Control of Registrant.
           -------------------------------- 
           Not applicable.

Item 2.    Acquisition or Disposition of Assets.
           ------------------------------------ 
           Not applicable.

Item 3.    Bankruptcy or Receivership.
           -------------------------  
           Not applicable.

Item 4.    Changes in Registrant's Certifying Accountant.
           ----------------------------------------------
           Not applicable.

Item 5.    Other Events.
           ------------ 
           Not applicable

Item 6.    Resignations of Registrant's Directors.
           -------------------------------------- 
           Not applicable.

Item 7.    Financial Statements and Exhibits.
           --------------------------------- 
           (a) Financial statements of businesses acquired.

               Not applicable.

           (b) Pro forma financial information.

               Not applicable.
<PAGE>
 
           (c) Exhibits.

               The following is filed herewith.  The exhibit numbers correspond
               with Item 601(b) of Regulation S-K.



               Exhibit No.   Description
               -----------   -----------

                   25.1      Form T-1 Statement of Eligibility of First Trust
                             National Association, as trustee, under the Trust
                             Indenture Act of 1939, as amended. (Exhibits to
                             Form T-1 are incorporated by reference to Exhibit
                             26.1 of Registration Statement on Form S-3 (File
                             No. 33-51804) as filed September 9, 1992.)


 



     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.

Dated: September 13, 1996            GREEN TREE FINANCIAL CORPORATION
                                       as originator of Green Tree Recreational,
                                       Equipment & Consumer Trust 1996-C



                                     By: /s/ Scott T. Young
                                         -------------------------------------
                                         Scott T. Young
                                         Vice President and Controller
<PAGE>
 
                               INDEX TO EXHIBITS



Exhibit Number                                                       Page
- --------------                                                       ----

     25.1      Form T-1 Statement of Eligibility of First Trust
               National Asociation, as trustee, under the Trust
               Indenture Act of 1939, as amended.  (Exhibits
               to Form T-1 are incorporated by reference to
               Exhibit 26.1 of Registration Statement on Form S-3
               (File No. 33-51804) as filed September 9, 1992.

<PAGE>
                                                                    Exhibit 25.1

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   __________

                                    FORM T-1

                       Statement of Eligibility Under the
                  Trust Indenture Act of 1939 of a Corporation
                          Designated to Act as Trustee


                        FIRST TRUST NATIONAL ASSOCIATION
              (Exact name of Trustee as specified in its charter)

          United States                                 41-0257700
     (State of Incorporation)                       (I.R.S. Employer
                                                   Identification No.)
 
     First Trust Center
     180 East Fifth Street
     St. Paul, Minnesota                                     55101
(Address of Principal Executive Offices)                  (Zip Code)



                        GREEN TREE FINANCIAL CORPORATION
             (Exact name of registrant as specified in its charter)

     Delaware                                           41-1807858
(State of Incorporation)                             (I.R.S. Employer
                                                    Identification No.)



     1100 Landmark Towers
     St. Paul, MN                                            55102
(Address of Principal Executive Offices)                  (Zip Code)

 



              CLASS A-1 THRU A-4 FLOATING RATE ASSET-BACKED NOTES
                      (Title of the Indenture Securities)
<PAGE>
 
                                    GENERAL
                                    -------
                                        
1. General Information  Furnish the following information as to the Trustee.

   (a)  Name and address of each examining or supervising authority to which it
        is subject.

          Comptroller of the Currency
          Washington, D.C.

   (b) Whether it is authorized to exercise corporate trust powers.

          Yes

2. AFFILIATIONS WITH OBLIGOR AND UNDERWRITERS  If the obligor or any
   underwriter for the obligor is an affiliate of the Trustee, describe each
   such affiliation.

          None

   See Note following Item 16.

   Items 3-15 are not applicable because to the best of the Trustee's knowledge
   the obligor is not in default under any Indenture for which the Trustee acts
   as Trustee.

16. LIST OF EXHIBITS  List below all exhibits filed as a part of this statement
    of eligibility and qualification.  Each of the exhibits listed below is
    incorporated by reference from registration number 22-27000.

    1. Copy of articles of Association.

    2. Copy of Certificate of Authority to Commence Business.

    3. Authorization of the Trustee to exercise corporate trust powers (included
       in Exhibits 1 and 2; no separate instrument).

    4. Copy of existing By-Laws.

    5. Copy of each Indenture referred to in Item 4.  N/A.

    6. The consents of the Trustee required by Section 321(b) of the act.

    7. Copy of the latest report of condition of the Trustee published pursuant
       to law or the requirements of its supervising or examining authority.

<PAGE>
 
                                      NOTE

     The answers to this statement insofar as such answers relate to what
persons have been underwriters for any securities of the obligors within three
years prior to the date of filing this statement, or what persons are owners of
10% or more of the voting securities of the obligors, or affiliates, are based
upon information furnished to the Trustee by the obligors.  While the Trustee
has no reason to doubt the accuracy of any such information, it cannot accept
any responsibility therefor.


                                   SIGNATURE

     Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, First Trust National Association, an Association organized and existing
under the laws of the United States, has duly caused this statement of
eligibility and qualification to be signed on its behalf by the undersigned,
thereunto duly authorized, and its seal to be hereunto affixed and attested, all
in the City of Saint Paul and State of Minnesota on the 11th day of September,
1996.


                         FIRST TRUST NATIONAL ASSOCIATION

[SEAL]

                         /s/ Eve D. Kaplan
                         -----------------
                         Eve D. Kaplan
                         Vice President



/s/ Richard H. Prokosch
- -----------------------
Richard H. Prokosch
Assistant Secretary
<PAGE>
 
                                   EXHIBIT 6

                                    CONSENT

     In accordance with Section 321(b) of the Trust Indenture Act of 1939, the
undersigned, FIRST TRUST NATIONAL ASSOCIATION hereby consents that reports of
examination of the undersigned by Federal, State, Territorial or District
authorities may be furnished by such authorities to the Securities and Exchange
Commission upon its request therefor.


Dated:  September 11, 1996


                         FIRST TRUST NATIONAL ASSOCIATION


                         /s/ Eve D. Kaplan
                         -----------------
                         Eve D. Kaplan
                         Vice President


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