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Secured Transactions Keyed to Lopucki
In re Purdy
Citation:763 F.3d 513 (6th Cir. 2014)
Purdy operated his dairy farm. In 2008, he entered into a loan relationship with Citizens First Bank, using his herd of dairy cattle as collateral. Purdy granted Citizens First a purchase money security interest in all equipment, farm products and livestock currently owned or acquired. Citizens First perfected this purchase money security interest. Under the “Dairy Cow Lease,” Purdy received a total of 435 cattle for fifty months in exchange for a monthly rent. The agreements prohibited Purdy from terminating the leases and Purdy agreed to return the cows, to such place as Sunshine designated at the end of the lease term. When the parties signed these contracts, they also executed security agreements, and Sunshine filed financing statements with the Secretary of State. The cattle on the farm at the time of bankruptcy were auctioned. Citizens First and Sunshine are fighting over the auction proceeds.
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