Allison-Kesley Ag Center, Inc. v. Hildebrand

SNELL, Justice.

The appellee, Farmers Cooperative Elevator Company (hereinafter “Farmers Coop”), seeks further review of a court of appeals decision that reversed a district court decision which found Farmers Coop to be a holder in due course with respect to $218,000 worth of United States government payment-in-kind (PIK) certificates. The appellant, Allison-Kesley Ag Center, Inc., contends that Farmers Coop took possession of the PIK certificates and subsequently honored a draft issued in payment therefor with “actual or constructive knowledge” that the PIK certificates had been obtained from…