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 - George's Fordson Major - by Anthony West (UK). This is a bit of a technical info to add on to the article about George's Major in the "A Towny Goes Plowing" article. George bought his Major from a an implement sale about 18 years ago for £200.00. There is no known history regarding its origins or what service it had done, but the following work was undertaken by Harold alone to bring it up to show standard. From the engine number, it was found that the major was produced late 19
... [Read Article]
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