ACEQUIA, INC. v. PRUDENTIAL INS. CO. OF AMERICA

No. 99-4051.

226 F.3d 798 (2000)

ACEQUIA, INC., Plaintiff-Appellant, v. PRUDENTIAL INSURANCE COMPANY OF AMERICA, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided September 1, 2000.


Attorney(s) appearing for the Case

Jim Jones (argued), Jones & Associates, Boise, ND, for Plaintiff-Appellant.

Alan S. Gilbert (argued), Sonnenschein, Nath & Rosenthal, Chicago, IL, for Defendant-Appellee.

Before FLAUM, Chief Judge, and CUDAHY and EVANS, Circuit Judges.


CUDAHY, Circuit Judge.

Acequia, Inc., an Idaho family farming operation, obtained a $4 million loan from Prudential in 1977. The security for the loan was Acequia's 7,600 acres of farm property. The note was to mature on March 15, 1992. In 1981, Acequia defaulted on the loan. Prudential began foreclosure proceedings, but Acequia filed for bankruptcy protection. For the next two years, Acequia worked on a reorganization plan...

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