In Re Duckworth

776 F.3d 453 (7th Cir. 2014)

Free access to 20,000 Casebriefs

Nature Of The Case

This section contains the nature of the case and procedural background.

Facts

Duckworth borrowed $1,100,000 from P. The transaction was executed through a promissory note that was dated and signed on December 15 and an Agricultural Security Agreement dated two days earlier, December 13, 2008. The security agreement said that Duckworth granted P a security interest in crops and farm equipment. The promissory note referred to the security agreement. The security agreement identified the debt to be secured. The security agreement said that it secured a note 'in the principal amount of $_______ dated December 13, 2008.' there was no promissory note dated December 13. Both the December 15 promissory note and the security agreement were prepared by the P's loan officer. In 2010, Duckworth filed under Chapter 7. D was appointed trustee. P filed two complaints in bankruptcy court to initiate adversary proceedings. On cross-motions for summary judgment, the bankruptcy court held that the mistaken date in the security interest did not defeat P's security interest and that the security agreement of December 13, 2008, secured the note of December 15, 2008. P got the decision for proceeds from the sale of Duckworth's crops and another for proceeds from the sale of some of his farm equipment. D appealed both bankruptcy court orders to the district court, where the appeals were assigned to different judges. Both district judges affirmed, and D appealed again.

Issues

The legal issues presented in this case will be displayed here.

Holding & Decision

The court's holding and decision will be displayed here.

Legal Analysis

Legal analysis from Dean's Law Dictionary will be displayed here.

© 2007-2025 ABN Study Partner

© 2025 Casebriefsco.com. All Rights Reserved.