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Commercial Law Keyed to Zierdt, 1st Ed.
In re Purdy
Citation:
763 F.3d 513 (2014)Facts
Lee Purdy operated a dairy farm in Kentucky and had a loan relationship with Citizens First Bank, which held a perfected security interest in Purdy’s equipment, farm products, and livestock. Between 2009 and 2012, Purdy entered into several “Dairy Cow Leases” with Sunshine Heifers, receiving a total of 435 cattle for fifty-month terms. The agreements required Purdy to pay monthly rent, maintain the number of cows, replace any culled cows, and return the same number of cattle at the end of the lease term. The agreements also included a “Guaranteed Residual Value” provision ensuring the returned cows would be worth at least a set amount. In 2012, Purdy’s business faltered, and he filed for Chapter 12 bankruptcy. At that time, both Sunshine and Citizens First claimed priority rights to the cattle on Purdy’s farm.
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