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Commercial Law Keyed to Zierdt, 1st Ed.
Robert Bogetti & Sons v. Bank of America NT & SA
Citation:
162 B.R. 289 (1993)Facts
Robert Bogetti & Sons, a farming partnership, operated bean farming operations on thirteen parcels of land. In June 1990, Bank of America agreed to loan up to $1.7 million to the partnership on a revolving note, which was later renewed and increased to $2.0 million in August 1991. Both loans were secured by identical security agreements granting the bank interest in “all farm products” and “crops now growing or hereafter to be grown” on five specifically described parcels of land. The bank filed financing statements with the Secretary of State and county recorders’ offices.
When the partnership filed for Chapter 11 bankruptcy in December 1992, it owed over $2.1 million to the bank. The partnership’s assets included beans and proceeds from harvests in 1989, 1991, and 1992. The 1989 and 1991 crops were stored with Rhodes Bean and Supply Company, while the 1992 crop was stored at Vernalis Warehouse. The partnership argued that once the beans were harvested and delivered to third parties for processing and sale, they became “inventory” rather than “farm products” and were no longer covered by the bank’s security interest. The partnership also claimed that the 1992 crop belonged to Robert Bogetti individually, not to the partnership.
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