(Download) "Truman R. Kingsley and Connie Kingsley v. First American Bank Casselton" by United States Court of Appeals for the Eighth Circuit ~ eBook PDF Kindle ePub Free
eBook details
- Title: Truman R. Kingsley and Connie Kingsley v. First American Bank Casselton
- Author : United States Court of Appeals for the Eighth Circuit
- Release Date : January 26, 1989
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 81 KB
Description
JOHN R. GIBSON, Circuit Judge. The central issue in this case is whether farm deficiency and diversion payments under the federal price support and production adjustment programs are ""proceeds"" of crops under North Dakota law and therefore covered by a security agreement applying to crops and their proceeds. Truman and Connie Kingsley appeal from an order of the district court reversing the bankruptcy court and upholding as enforceable First American Bank of Casselton's claimed security interest in the Kingsleys' 1986 crops, cash proceeds thereof, and federal deficiency and diversion payments. We are convinced that these payments, arising from contracts between the Kingsleys and the federal Commodity Credit Corporation, are not proceeds of the 1986 crops and therefore are not covered by First American's security agreement. Accordingly, we reverse the judgment of the district court and remand the case to the bankruptcy court for further proceedings.