Farm Credit Bank of St.Louis v. State Bank of Annawan (In re Blackert)

OPINION

WILLIAM V. ALTENBERGER, Bankruptcy Judge.

Starting in March of 1986, the State Bank of Annawan (Bank) made a series of *973loans to the Debtor. These loans can be summarized as follows:

DATE AMOUNT PURPOSE SECURITY

3/12/86 $40,069.24 Crop expense 1986 growing crops & crops in storage

4/30/86 $60,000.00 Crop expense 1986 growing crops and crops in storage. All payments from USDA, CCC, ASCS programs for 1986 and all subsequent years.

6/10/86 $ 9,600.00 Cash rent (Same as above)

6/10/86 $13,300.00 Crop expenses & operating capital (Same as above)

8/12/86 $ 7,600.00 (Same as above) (Same as above)

In…