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  • Compliance & Regulation

A Lien Is Lost by Surrender of Possession

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A recent federal case from the Western District of Wisconsin1 reminds us that a lien in bankruptcy that is initially perfected by possession can be lost through surrender of possession—even if the debtor agrees that the lien continues despite surrender.

The Facts

Zachary Leaver was a dairy farmer who had business loans with Wisconsin Bank & Trust and the Farm Service Agency. In 2017, he entrusted dairy cows and youngstock to Hillside…

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