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iowa | I once raised seed beans for a company. They originally said that they would not need them and I would be allowed to sell them as commercial soys after May 25th.
I was hearing some rumbles about the company when they called me May 5th and said they would take the seed. I called my attorney and he said that I was contractually obliged to let them take the soybeans.
I made it clear (me bluffing strenuously) they could not take the beans unless they immediately paid me after the last load from my bin. I was so relieved when the check came for the beans plus my quality bonus!
One month later the bankruptcy court ordered me to pay the court the full amount I was paid as I was an unsecured supplier. I lost over 50 K!
I know the bank was behind getting all the beans they could even if they didn't need them. It lessened their liability. And they purposely waited till spring to maximize the income rather than closing the seed company down during previous fall. My part of attorney fees at the bankruptcy ( supposed top notch lawyer)
hearing was an additional $800! | |
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