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C.O. FUNK & SONS, INC. v. SULLIVAN EQUIP., INC.

No. 54648.

89 Ill.2d 27 (1982)

431 N.E.2d 370

C.O. FUNK & SONS, INC., et al., Appellants, v. SULLIVAN EQUIPMENT, INC., et al. (First National Bank and Trust Co., Appellee).

Supreme Court of Illinois.

Rehearing denied March 25, 1982.

Attorney(s) appearing for the Case

Miller & Tracy Law Offices, P.C., of Monticello, for appellants.

Perry S. Albin, of Tuscola, and Terry Mulligan, law student, for appellee.

Judgment affirmed.

JUSTICE UNDERWOOD delivered the opinion of the court:

This case involves a Uniform Commercial Code issue not heretofore considered by this court.

In March 1978 plaintiff C.O. Funk & Sons, Inc. (Funk), sold its farm implement business to defendant, Sullivan Equipment, Inc. (Sullivan). The unpaid balance of the purchase price was secured by a security agreement covering specified inventory...

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