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C.O. FUNK & SON, INC. v. SULLIVAN EQUIPMENT

No. 16277.

92 Ill. App.3d 659 (1981)

C.O. FUNK & SON, INC., a/k/a JNF Enterprises, Inc., et al., Plaintiffs-Appellees, v. SULLIVAN EQUIPMENT, INC., et al., Defendants. — (FIRST NATIONAL BANK AND TRUST COMPANY OF TUSCOLA et al., Intervening Defendant-Appellant.)

Appellate Court of Illinois — Fourth District.

Opinion filed January 12, 1981.

Attorney(s) appearing for the Case

Perry S. Albin, of Tuscola, for appellant.

Miller & Tracy Law Offices, P.C., of Monticello, for appellees.

Reversed and remanded.

Mr. JUSTICE MILLS delivered the opinion of the court:

First impression. Uniform Commercial Code. Section 9-306(2). How do we define "identifiable proceeds"? We must first look at the background.

On March 31, 1978, plaintiffs (Funk) sold their farm-implement business, including inventory, to defendants (Sullivan). In connection with that sale, Funk retained a security interest in certain specifically listed items of farm-equipment...

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