Seminole National Bank v. McDonald (In Re Ferguson)

CORRECTED MEMORANDUM OF OPINION ON COMMODITY CERTIFICATE

JOHN C. AKARD, Bankruptcy Judge.

These cases were consolidated for trial since all three involve the same trustee and the same creditor. The facts are stipulated and are summarized below. The trustee challenged the validity of the creditor’s security interests on the Commodity Credit Corporation generic commodity certificate (CCC certificate) proceeds based on the theory that no state law interest can attach under the applicable CCC regulations and other grounds. The court finds the bank’s liens valid.

FACTS

In re Ferguson

Debbie June…