Kewanee Production Credit Ass'n v. G. Larson & Sons Farms, Inc.

It appears that G. Larson & Sons Farms, Inc. (Larson), a family-owned farming corporation, executed various promissory notes in favor of the Kewanee Protection Credit Association (PCA) for loans which were secured by various farm assets, including the corporation’s crops, livestock, stored grain and feed, and certain farming equipment. By November 1981, Larson was in default on its loans.

On November 16, 1981, plaintiff, PCA, obtained judgment by confession against defendant, Larson, in the amount of $389,043.77 plus $40,000 in attorney fees. Larson filed a timely “Motion to Open Judgment by…