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Bailment: Retaining Funds Received From a Bankrupt Bailee Is Not a Slam Dunk

In re Mississippi Valley Livestock, Inc., 745 F.3d 299 (7th Cir. 2014) – A debtor sold cattle for the account of a cattle producer and then remitted the proceeds to the producer. A chapter 7 trustee sought to recover...more

USDA Raises Hurdles to Bankruptcy Sales of PACA-Regulated Produce Businesses

One of the main advantages of purchasing a business out of bankruptcy is that the process can be quick, orderly and predictable. Yet, recently, the United States Department of Agriculture (“USDA”) has challenged the ability...more

Banking Bulletin: Saddle Up! Livestock Lenders and Livestock Leasing

On August 14, 2014, in a dispute regarding entitlement to proceeds resulting from an auction of livestock in possession of a dairy farmer-debtor, the U.S. Court of Appeals for the Sixth Circuit issued an order in favor of a...more

Sixth Circuit rules cows can be leased

Can you really lease a cow? - According to the Sixth Circuit, the answer is “yes.” Dairy cattle leasing is an increasingly popular method for producers to add to their herds while conserving capital for other purposes....more

Bankruptcy Trustee’s Action For Crop Reinsurance Proceeds Is Time-Barred

A federal district court has held that a bankruptcy trustee’s action to compel payment of crop insurance proceeds is time-barred by virtue of the Federal Crop Insurance Act (FCIA) and the insurance policies’ arbitration...more

New Jersey Gambling Offenses

New Jersey Gambling Offenses

2C:37-1. Definitions The following definitions apply to this chapter and to chapter 64: a. "Contest of chance" means any contest, game, pool, gaming scheme or gaming device in which the outcome depends in a material...more

Farmers Affected By MF Global Not Fined

Farmers with accounts with now bankruptcy broker MF Global who could not file their taxes properly have not been fined. When MF Global filed for bankruptcy late last year, many farmers did not receive their 1099’s as a...more

Foreclosure Consequences for the Borrower under the USDA Rural Home Loan Program

An example of how borrowers under the USDA Rural Home Loan Program are personally liable for an loss claims filed by primary lenders in this upside down market. That's right, the low income borrower will personally owe the...more

Filing Bankruptcy Without Losing the Farm: Arizona Bankruptcy Attorney

After meeting with me in a bankruptcy consultation I hand out a questionnaire that I require everyone to complete that provides me with information like assets, debts, income, and expenses. I have various categories when it...more

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