Pickler v. Durand Milling Co. (In Re Durand Milling Co.)

OPINION

HAROLD H. BOBIER, Bankruptcy Judge.

STATEMENT OF FACTS

Durand Milling Company, Inc. (“Du-rand”) was a grain elevator operation in Durand, Michigan for more than 15 years. It was a Michigan corporation with a primary business purpose of processing, selling and storing various types of grain. Its president and chief operating officer during all relevant times of the present lawsuit was Dean R. McConkey (“McConkey”).

During the latter part of 1977 and early part of 1978, Jack Vasicek (“Vasicek”) delivered soy beans and wheat to Durand, and received in return, documents known as and referred…