The Perils Of Purdy: Floating Leases Of Livestock

LexisNexis (September 30, 2016, 4:54 PM EDT) -- Some readers may recall an article from the September, 2014, edition of this newsletter about a Sixth Circuit ruling that a cattle lease was a "true lease" instead of a financing arrangement. The ruling is one of many in a long line of rulings on this issue. The only notable aspect of the ruling was that the Sixth Circuit held that it was possible to have a "true lease" of a "floating mass" of cattle (i.e. – a lease for a specific number of cattle to...
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