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After the section 351 transaction, Seggerman Farms
refinanced a portion of the transferred debt. Seggerman Farms
incurred the following debts:
Amount of
Creditor Loan No. Liability
Minonk State Bank 90780 $200,030
Minonk State Bank 01260 130,000
In addition, Seggerman Farms, Ronald and Sally Seggerman, Craig
and Linda Seggerman, and Michael Seggerman borrowed the following
as comakers:
Amount of
Creditor Loan No. Liability
Minonk State Bank 90777 $162,000
Minonk State Bank 90779 245,000
Petitioners remained personally liable on all of the debt
that was assumed by Seggerman Farms, or to which the property
that was received by Seggerman Farms was subject, both before and
after the section 351 transfer of property to Seggerman Farms.
Ronald Seggerman executed a commercial guaranty of Seggerman
Farms’ debt to Minonk State Bank. Sally Seggerman, Craig
Seggerman, Linda Seggerman, and Michael Seggerman executed
unlimited, continuing personal guaranties of Seggerman Farms’
debt to Minonk State Bank. None of the loan proceeds were
disbursed directly to petitioners.
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Last modified: May 25, 2011