It's just a guess but I bet the rear band (low/reverse) is probably worn and the servo pin can't apply enough pressure for the band to hold. I bet if you shift to manual 1st gear you probably won't have engine braking when you decel. There is also the chance that the servo piston could be broken too. Either of these are an easy fix after the pan is dropped and servo cover removed.
If you are able to drop the pan and filter, the servo is just another 5 bolts. It is the big can shaped cover in the rear or behind the valve body. Often times you can buy a longer pin ( try ebay) or weld 1/8" tab on the end for extra length, you can chuck pin in drill and shape it on a grinder to match pin size. If none of this sounds good to you, take it to a trans shop and lube up.
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Today's Featured Article - Case Farm Equipment - by Jeremy Sweeten. My name is Jeremy Sweeten and I am currently a junior at Purdue University. I am takin a dual major in Agriculture Systems Management and Agronomy. I am from North Central Indiana, Miami County to be exact. My dad teaches for Marion Community School Systems an outdoor lab called Asherwood. We live there to manage the place. They just happen to have a Case 311 with a Triple Range transmission. I grew up mowing, pushing snow, and hauling maple sap with it. In 1986 my parents bought an old,
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