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NW IN | That's an interesting thought. Interesting...but also very scary.
The unfortunate reality in our nation is that we have more lawyers per capita than almost any other nation in the world. They make a living parsing words and splitting hairs (that depends on what the definition of "is" is ;-/). One should hope that the rule of law prevails, not the rule of man. I'm not so certain that occurs as often as it should.
If anyone can file bankruptcy and force the other side of the contract to take less is one thing (akin to a union contract with a manufacturer who files bankruptcy). I would hope a landowner would not have to take zero. If that would happen, the wheels on a lot of wagons would be coming off. Any multi-year contract just became worthless.
If you take the Boerson published data at face value (58,000 acres soy and 25,000 acres corn), they owe CHS alone $1,750 an acre ($145 million). My questions is...how does any creditor even begin to allow that to happen??? | |
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Can courts hold farm leases in force but modify terms in a bankruptcy?
