Who's on First? Lien Priority in a Volatile World

While secured financing can sometimes seem simple in the grain industry when prices are high, the simple view has been challenged as grain prices have fluctuated and input costs continue to rise. In the article "Who's on First? Lien Priority in a Volatile World" in Ethanol Producer, Adam Hertzke explained the complex issues that arise when grain buyers have to deal with statutory liens and the Food Security Act and how the rights of grain buyers impact the financial interests of producers.