In the Matter of Chicago, Rock Island and Pacific Railroad Company, Debtor. Appeal of Sanborn Cooperative Grain Company, Chicago Pacific Corporation

U.S. Court of Appeals, Seventh Circuit · Decided 1986-06-24

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EASTERBROOK, Circuit Judge. The Rock Island line was a landlord as well as a railroad. It rented land on which the tenants built grain elevators, among other things. Many of these leases were terminable on 30 days’ notice, which exposed the elevator operators to a risk: the Rock Island might cancel, acquire ownership of the elevators, and lease the land for a much higher rent…

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