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Secured Transactions Keyed to Lopucki
In re Duckworth
Citation:
776 F.3d 453 (7th Cir. 2014)Facts
On December 15, 2008, David L. Duckworth borrowed $1,100,000 from the State Bank of Toulon. The transaction was executed through a promissory note that was dated and signed on December 15 and and an Agricultural Security Agreement dated December 13, 2008. The security agreement said that Duckworth granted the State Bank of Toulon a security interest in crops and farm equipment. The security agreement identified the debt to be secured, but the identification had a critical mistake. The security agreement said that it secured a note “in the principal amount of $____ dated December 13, 2008.” But there was no promissory note dated December 13. Both the December 15 promissory note and the security agreement were prepared by the bank’s loan officer. In 2010, Duckworth filed Chapter 7 petition.
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