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IN RE KLAUS

No. 99-73540.

247 B.R. 761 (2000)

In re James R. KLAUS, Jr., Deborah M. Klaus, Debtors.

United States Bankruptcy Court, C.D. Illinois.

April 27, 2000.

Attorney(s) appearing for the Case

John S. Narmont, Springfield, IL, for debtors.

Mariann Pogge, Springfield, IL, for Farmers & Merchants State Bank of Virden.

Michael D. Clark, Peoria, IL, Chapter 12 Trustee.

OPINION

LARRY L. LESSEN, Bankruptcy Judge.

The issue before the Court is whether Farmers and Merchants State Bank has a valid security interest in certain loan deficiency payments which the Debtors received post-petition pursuant to a government farm program.

The Debtors, James and Deborah Klaus, executed a Security Agreement on April 18, 1997, wherein they granted Farmers and Merchants State Bank of Virden a security interest in equipment, farm...

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