On April 9, 2020, the Federal Reserve Bank announced preliminary details of two new loan facilities of up to $600 billion dollars, offered as part of the Coronavirus Aid, Relief, and Economic Security Act, or “CARES Act.”...more
Agricultural bankruptcies present special and specific issues. The nature of the collateral and the seasonality of the business present a host of questions that need to get answered in order to preserve any value in the...more
On August 1, 2019 the U.S. Senate passed the Family Farmer Relief Act of 2019, which more than doubled the debt limit for “family farmers” qualifying for relief under Chapter 12 of the U.S. Bankruptcy Code to $10,000,000. ...more
Industrial hemp, once grown throughout the United States and already the powerhouse behind the billion dollar cannabidiol (“CBD”) industry, is poised for a resurgence as an agricultural commodity. ...more
In a recent opinion, the Second Circuit Court of Appeals held that a seller licensed under the Perishable Agricultural Commodities Act (“PACA”) could not entirely setoff payables owed to a bankrupt PACA merchant against...more
Originally enacted in 1930, the Perishable Agricultural Commodities Act (“PACA” or the “Act”) has been amended over the years in a number of ways to address the changing landscape of the produce industry.
Originally...more
In a recent opinion, the U.S. Bankruptcy Court for the District of Oregon reminds all finance lawyers (and participants trying to document a finance transaction without legal assistance) that recording an “assignment” of a...more