Legal Opinion
Karnes v. Rakers Elevator, Inc. (In re Woker)
United States Bankruptcy Court, S.D. Illinois
Decided October 22, 1990No. Bankruptcy No. BK 88-30886; Adv. No. 90-0001PublishedCited by 4 opinions
1Opinion of the Court
MEMORANDUM AND ORDER
KENNETH J. MEYERS, Bankruptcy Judge.
The debtors, who are grain and dairy farmers, executed “future delivery” contracts in the spring of 1988 with the defendant, Rakers Elevator, Inc. (“Rakers”), by which they sold soybeans to Rakers at a specified price to be paid upon delivery of the grain in the fall. During the course of the year, the debtors purchased seed, fertilizer, and chemicals from Rakers on a credit basis. When the soybeans were delivered to Rakers in November 1988, Rakers applied the proceeds of sale to offset the debtors’ outstanding account balance with…
2Cases cited6 opinions
- Palmer Clay Products Co. v. BrownSupreme Court of the United States · 1936
- Eckles v. Petco Inc., Interstate (In Re Balducci Oil Co.)United States Bankruptcy Court, D. Colorado · 1983
- Brent Explorations, Inc. v. Karst Enterprises, Inc. (In Re Brent Explorations, Inc.)United States Bankruptcy Court, D. Colorado · 1983
- Gosch v. Burns (In Re Finn)United States Bankruptcy Court, E.D. Michigan · 1988
- Perlstein v. Lambert Coal Co. (In Re AOV Industries, Inc.)District Court, District of Columbia · 1986
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3Cited by4 opinions
- Photo Mechanical Services, Inc. v. E.I. DuPont De Nemours & Co. (In Re Photo Mechanical Services, Inc.)United States Bankruptcy Court, D. Minnesota · 1995
- In Re HigginsUnited States Bankruptcy Court, S.D. New York · 2001
- Farrell v. Wurm (In Re Donnay)United States Bankruptcy Court, D. Minnesota · 1995
- Kevin F. v. Erickson (In re Kevin F.)United States Bankruptcy Court, S.D. New York · 2001