Mid-State Fertilizer Co., Lasley Kimmel, and Maxine Kimmel v. Exchange National Bank of Chicago

U.S. Court of Appeals, Seventh Circuit · Decided 1989-06-19

Cited by 392 later decision(s) in our corpus · see the citation network in Lexace

From the opinion

EASTERBROOK, Circuit Judge. Mid-State Fertilizer Co. sold fertilizer in mid-state Illinois. It needed money to buy supplies, pay its workers, and run the business until it could collect from customers. Mid-State arranged for revolving credit from the Exchange National Bank of Chicago, which promised to lend Mid-State 70% of its inventory and receivables to a maximum of $2 million; Mid-State promised to direct its customers…

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