Legal Opinion
In Re Klaus
United States Bankruptcy Court, C.D. Illinois
Decided April 27, 2000No. 19-70106Published
1Opinion of the Court
OPINION
LARRY L. LESSEN, Bankruptcy Judge.
The issue before the Court is whether Farmers and Merchants State Bank has a valid security interest in certain loan deficiency payments which the Debtors received post-petition pursuant to a government farm program.
The Debtors, James and Deborah Klaus, executed a Security Agreement on April 18, 1997, wherein they granted Farmers and Merchants State Bank of Virden a security interest in equipment, farm products, accounts, general intangibles, and government payments and programs. The Security Agreement specifically describes part of the Bank’s…
2Cases cited11 opinions
- In Re Dwayne Sunberg, Patricia Sunberg, Engaged in Farming, DebtorsCourt of Appeals for the Eighth Circuit · 1984
- In Re J. Catton Farms, Inc., Debtor-Appellant v. The First National Bank of ChicagoCourt of Appeals for the First Circuit · 1985
- 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
- First State Bank of Abernathy v. Holder (In Re Nivens)United States Bankruptcy Court, N.D. Texas · 1982
- Lawrence v. Jackson MacK Sales, Inc.District Court, S.D. Mississippi · 1992
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