Nolden
Nolden v. Van Dyke Seed Co. (In re Gold Coast Seed Co.)
Opinion
Lead Opinion
Wolfe, J.
DECISION
The cross-motions of the parties to the above-captioned adversary proceeding were heard on June 29, 1983. The Court finds that there are no triable issues of fact presented and that the pertinent facts are as follows:
Plaintiff entered into “forward contracts” for the purchase of seed on September 18, 1979, and November 7, 1979, at a fixed price; the seed to be shipped in November/December, 1979, and December 1979/January 1980 — buyer’s option, respectively.
Defendant invoiced debtor for the seed at the agreed price by invoice dated February 12, 1980, upon the stated terms of payment net by February 29, 1980.
The seeds were shipped pursuant to shipping instructions given February 26, 1980, on February 28, March 3, April 2, and June 16, 1980.
Debtor forwarded check to defendant dated March 31, 1980, in the amount of $45,570. The check was received by defendant and deposited in its bank account on April 3, 1980. The check cleared on April 11, 1980.
Debtor filed its petition for relief under the Bankruptcy Code on June 30, 1980.
Plaintiff contends that the payment was a preferential transfer under 11 U.S.C. § 547 (d).