(W.D. Ky. Sep. 2, 2015)
Following the Sixth Circuit’s reversal of the bankruptcy court’s finding that livestock leases were disguised security agreements (see Sunshine Heifers, LLC v. Citizens First Bank (In re Purdy)), the bankruptcy court determines the rights of the lessor and lessee debtor in the proceeds of the earlier sale of the livestock. After a lengthy discussion of testimony on the issue, the court ultimately concludes that the lessor is entitled to the proceeds. Opinion below.
Author: Matt Lindblom