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Bankruptcy Keyed to Levitan, 3rd Ed.
In re Nivens
Citation:
22 B.R. 287 (1982)Facts
Arville Calvin Nivens and Danny Calvin Nivens operated a farming partnership called Nivens and Nivens. They filed Chapter 7 bankruptcy petitions on March 18, 1982, following their final crop year in 1981. As a result of their 1981 farming operations, they became entitled to receive “deficiency” payments totaling $36,648.70 and “disaster” payments totaling $912.05 from the Department of Agriculture. First State Bank of Abernathy had provided primary financing for the partnership and held security interests in real estate, farm equipment, crops, and “all checks and income derived from farming.” The Small Business Administration also held liens against the partnership’s assets but had subordinated its interests to the bank’s. Some government subsidy checks were received by the debtors before bankruptcy filing and turned over to the trustee, while others were received after filing. The trustee challenged the bank’s and SBA’s claims to these payments, arguing that Article 9 of the UCC did not apply, that proper perfection required possession of the checks, and that recognizing the liens would constitute a preferential transfer under §547(c)(5).
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