Legal Opinion
C. O. Funk & Sons, Inc. v. Sullivan Equipment, Inc.
Illinois Supreme Court
Decided January 21, 1982No. 54648PublishedCited by 39 opinions
1Opinion of the CourtJustice Underwood
This case involves a Uniform Commercial Code issue not heretofore considered by this court.
In March 1978 plaintiff C. O. Funk & Sons, Inc. (Funk), sold its farm implement business to defendant, Sullivan Equipment, Inc. (Sullivan). The unpaid balance of the purchase price was secured by a security agreement covering specified inventory, equipment and the proceeds. That agreement with Sullivan authorized the sale of certain inventory, but required that Sullivan deposit 90% of the sale price in an escrow account from which Funk would receive installment payments. Sullivan financed its inventory…
2Cases cited12 opinions
- Universal CIT Credit Corp. v. Farmers Bank of PortagevilleDistrict Court, E.D. Missouri · 1973
- Brown & Williamson Tobacco Corp. v. First National Bank of Blue Island, a National Banking AssociationCourt of Appeals for the First Circuit · 1974
- ASSOC. DIS. CORP. v. Fidelity Un. Trust Co.New Jersey Superior Court Appellate Division · 1970
- People v. BarrettIllinois Supreme Court · 1950
- General Foods Corp. v. HallAppellate Court of Illinois · 1976
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3Cited by39 opinions
- Security State Bank v. Firstar Bank Milwaukee, N.A.District Court, N.D. Iowa · 1997
- In Re Chicago Lutheran Hospital Ass'nUnited States Bankruptcy Court, N.D. Illinois · 1988
- In Re J. Catton Farms, Inc., Debtor-Appellant v. The First National Bank of ChicagoCourt of Appeals for the First Circuit · 1985
- Van Diest Supply Co. v. Shelby County State BankCourt of Appeals for the Seventh Circuit · 2005
- In re Mississippi Valley Livestock, Inc.Court of Appeals for the Seventh Circuit · 2014
34 more not listed; retrieve them via the Exa API.