At issue is the "90 day preference rule" in bankruptcy. Any action by a creditor to "better their position" within 90 days before a bankruptcy is deemed a "preferential transfer" and is subject to being voided by the court.
That being said, there are many factors that have to be evaluated to see if it truly is a preference. Depending on the timing, you may be saved by filing a crop lien. Affected growers need to get a lawyer who knows bankruptcy and crop liens, PRONTO- Preferably, several farmers who are similarly situated should go together on a lawyer, to reduce costs. DON'T go to your local lawyer- his lower hourly rate will be more than offset by the fact that he won't know what he's doing. Find a big firm that has attorneys who know agricultural law. Do it TODAY- because you may already be up against deadlines that you don't even know about.
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Today's Featured Article - Gatherin of the Orange - by Rick Nikolich. In July of 1998 I was talking to fellow Allis Chalmers collector Mike Schilling about the annual "Gathering of The Orange" AC show coming up in August of 1999. He got this wild idea that we should get a convoy of AC tractors and drive them from Charlotte, Michigan 105 miles to LaGrange, Indiana.
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