The Consent provided notice of the Bank's security interest in the Przybylskis' hogs and provided that IBP could extinguish that interest by issuing checks payable jointly to the Przybylskis and the Bank whenever a purchase of the Przybylskis' hogs was made. IBP complied with the Consent requirements for approximately three years. In 1995, however, IBP began writing checks for the hogs payable to Ronald Przybylski only. The court found, however, that the Bank's notice was valid for one year only, until May of 1993. Having lost its suit due to its expired notice, the Bank appeals.
Statutory construction is a question of law subject to our de novo review.
306 Ill. App. This provision, however, excepts persons who buy farm products from one engaged in farming operations. During the late 1970s and the 1980s, numerous farm loan defaults resulted from large loan burdens, depressed land values, and low farm prices. When farmers became unable to pay their loans, lenders began to seek payment from the purchasers of the farm products that had served as the collateral for the farm loans. Debate ensued regarding the justification for a lender's recovery against the purchaser of the secured farm products.