CUDAHY, Circuit Judge.
In this case, we consider whether corn received under the federal government's Payment-in-Kind ("PIK") program — under which farmers receive surplus grain in exchange for an agreement not to plant their intended crop — constitute crop "proceeds" under the Uniform Commercial Code. The Bankruptcy Court for the Northern District of Illinois determined that PIK payments are proceeds and the District Court affirmed. We reverse.
...Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.