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Legal Opinion

McLemore v. Mid-South Agri-Chemical Corp. (In Re Judkins)

United States Bankruptcy Court, M.D. Tennessee

Decided August 10, 1984No. Bankruptcy No. 283-01082, Adv. No. 283-0472PublishedCited by 20 opinions

1Opinion of the Court

MEMORANDUM

KEITH M. LUNDIN, Bankruptcy Judge.

The trustee’s complaint seeks to recover Payment-in-Kind (“PIK”) certificates of entitlement owing to the debtors. The issues are: (1) whether PIK payments constitute crop “proceeds;” and (2) whether the debtors’ assignment of PIK wheat payments to one of the defendants constitutes a preferential transfer. After consideration of the briefs, arguments and stipulations, the court holds that PIK entitlements are “proceeds,” and the assignment of wheat PIK to Mid-South Agri-Chemical Corporation (“Mid-South”) constituted a preferential transfer. However,…

2Cases cited17 opinions

  1. In Re Dwayne Sunberg, Patricia Sunberg, Engaged in Farming, DebtorsCourt of Appeals for the Eighth Circuit · 1984
  2. In the Matter of William Guy Munger, Bankrupt. Ernest J. Pombo v. Jack A. Ulrich, TrusteeCourt of Appeals for the Ninth Circuit · 1974
  3. Ppg Industries, Inc. v. The Hartford Fire Insurance Company, and United States of AmericaCourt of Appeals for the Second Circuit · 1976
  4. First State Bank of Abernathy v. Holder (In Re Nivens)United States Bankruptcy Court, N.D. Texas · 1982
  5. In Re KruseUnited States Bankruptcy Court, D. Kansas · 1983

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3Cited by20 opinions

  1. In the Matter of Leland G. Schmaling and Mary F. Schmaling, Debtors. Appeal of Esther J. Schmaling, Leland G. Schmaling and Mary F. SchmalingCourt of Appeals for the Seventh Circuit · 1986
  2. In Re Scotty Lee Schneider and Anna Lucille Schneider, Debtors. Scotty Lee Schneider & Anna Lucille Schneider v. Edward J. Nazar, TrusteeCourt of Appeals for the Tenth Circuit · 1988
  3. In Re: Tower Air, Inc., Debtor Charles A. Stanziale, Jr., Chapter 7 Trustee of Tower Air, Inc. v. Finova Capital CorporationCourt of Appeals for the Third Circuit · 2005
  4. Nolin Production Credit Ass'n v. Stone (In Re Stone)United States Bankruptcy Court, W.D. Kentucky · 1985
  5. In Re RatliffUnited States Bankruptcy Court, D. Colorado · 1987

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