Dullea Land Co. v. Ideal Ag Corp. (In Re Dullea Land Co.)

DREHER, Bankruptcy Judge.

This is an appeal from an order of the bankruptcy court 1 determining that Ideal Ag Corporation (“Ideal Ag”) did not receive a fraudulent or preferential transfer of property. For the reasons set forth below, we affirm.

FACTS

In October, 1999, Debtors, Dullea Land Company, DD & CD Farms, and DD and CD Family, LLP (collectively known as “Debtors”) sought to restructure existing loans with Ideal Ag. At the time Debtors owed $7,781,627.80 to Ideal Ag and were in default. Debtors executed three promissory notes in favor of Ideal Ag secured by various real estate mortgages.

De…