Field v. ITT Financial Services (In re Field)

OPINION

WARREN W. BENTZ, Bankruptcy Judge.

Facts and Procedure

Both parties have filed motions for summary judgment, there being no dispute as to the relevant facts in this Chapter 12 proceeding.

The debtors are dairy farmers. ITT Financial Services (“ITT”) appears to have a valid lien on the debtors’ real estate, equipment, and cattle. The issue is whether ITT has a valid lien on products and proceeds of the cattle as opposed to a lien only upon accounts receivable and whether its lien protects it as to payments it received in which the right to payment arose within the preference period, i.e.,…