(DOWNLOAD) "First Security Bank Utah v. Utah Turkey" by Supreme Court Of Utah # Book PDF Kindle ePub Free
eBook details
- Title: First Security Bank Utah v. Utah Turkey
- Author : Supreme Court Of Utah
- Release Date : January 21, 1980
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 64 KB
Description
HALL, Justice: Plaintiff appeals from the dismissal of its action for recovery of funds allegedly due under a security agreement. Defendant is an agricultural marketing cooperative operating in Utah, which processes and sells turkeys raised by its member growers. It has operated on a nonprofit basis since 1971. On a yearly basis, defendant takes the live turkeys grown by its members, pools them into a common flock, slaughters, dresses, and freezes them, and then sells them to a national marketing cooperative known as Norbest Turkeys. Norbest makes cash payments for the birds delivered, which proceeds are then distributed to the member growers by their percentage contribution to the flock processed and sold. Norbest often makes cash payments to defendant before it is able to sell the turkeys purchased, which payments are based on market estimates of eventual proceeds. To the extent that these estimates prove inaccurate, later adjustments, in the form of chargebacks or additional payments, are made, such that the growers themselves carry the risk of market fluctuations.
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