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Gay Jenson Farms Co. v. Cargill, Inc.
Citation:309 N.W.2d 285 (Minn. 1981)
Warren and Cargill entered into a security agreement which provided that Cargill would loan money for working capital to Warren on open account financing up to a stated limit, which was ordinarily set as $175,000. Under this contract, Warren would receive funds and pay its expenses by issuing drafts drawn on Cargill through Minneapolis banks. The drafts were imprinted with both Warren’s and Cargill’s names. A new contract was negotiated in 1967, extending Warren’s credit line to $300,000 and incorporating the provisions of the original contract. In addition, the agreement provided that Warren was not to make capital improvements or repairs in excess of $5,000 without Cargill’s prior consent.
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