Case Name:
In re John Clay & Co., Inc.
Judge:
Judge Clark
Date:
Jan-23-1984
Case Number(s):
83A-1323
Status:
UNPUBLISHED
See 131.pdf
Body:
Debtor, as a buyer and seller of sheep, was considered a "market agency" under the Packers and Stockyards Act, which provides that payments by livestock buyers to market agencies on commission be held in trust for the livestock producers. As such, while debtor may hold legal title to payments it receives for sales, the beneficial interest in those payments belongs to the sheep producers, and is therefore not estate property. The court ordered that any such payments being held by trustee must be disbursed to the sheep producers who had not yet been paid. This decision was withdrawn by the court in 131.pdf.
Internal Ref:
Opinion 112
File: