Robert Bogetti & Sons v. Bank of America NT & SA
United States Bankruptcy Court for the Eastern District of California
162 B.R. 289 (1993)
- Written by Sarah Holley, JD
Facts
Robert Bogetti & Sons (debtor) was engaged in farming operations. Part of those operations included growing beans on 13 parcels of land. When Robert Bogetti obtained a loan from Bank of America (creditor), the parties executed a security agreement that granted the bank a security interest in, among other things, “all farm products of whatsoever kind or nature, including all crops now growing or hereafter to be grown” across five parcels of land, each referenced and described therein. Robert Bogetti later filed for bankruptcy and listed as part of its assets beans and the proceeds from the sale of beans from all 13 parcels of land that Robert Bogetti operated. The bank thereafter claimed a security interest in the beans and the proceeds from the sale of beans from the eight parcels of land not described in the security agreement, contending that it had rights to after-acquired farm products. The bank argued that when the crop was severed from the ground in harvest, it became “farm products of whatsoever kind or nature” to which the bank’s security interest attached.
Rule of Law
Issue
Holding and Reasoning (Hendrick, J.)
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