Novel settlement: A new trend?By Raymond T. ReottAgricultural Law, March 2003In an election year, the historic practice in Illinois was for environmental enforcement to increase and for penalty demands in negotiated settlements to rise proportionately.
Property valuation may be reduced by proximity to livestock operation*By J. David AikenAgricultural Law, March 2003In Nebraska, land and buildings are valued at their fair market value for purposes of property taxation. Residential and commercial real estate is valued at 92-100 percent of actual value (i.e., farm market value) and agricultural real estate is valued at 74-80 percent of actual value.
Zoning and land use: A case study in urban sprawlBy Paul J. EvansAgricultural Law, March 2003The following is an excerpt from materials presented by the author at the ISBA's Agricultural Law Section's "Law of the Prairie" seminar that was held in April, 2002.
FDIC insurance coverage for estates and revocable trustsBy Mike DroneAgricultural Law, January 2003Just as grain elevators can fail, so can banks. If you represent the executor of an estate or the trustee of a revocable trust, it is important to understand how FDIC insurance applies to estate or trust bank deposits
Self-employment tax on cooperative payments to farmers—The legal journey continuesBy Jeffrey A. MolletAgricultural Law, January 2003There are currently pending in the federal Tax Court system a number of cases involving the applicability of the self-employment tax to value-added payments received by retired farmers from new generation, closed cooperatives
The Farm Security and Rural Investment Act of 2002— A primerBy Jeffrey A. MolletAgricultural Law, November 2002After much debate and political wrangling, The Farm Security and Rural Investment Act of 2002 (the Act) was signed by President Bush on May 13, 2002.
FDIC insurance coverage for estates and revocable trustsBy Mike DroneAgricultural Law, November 2002Just as grain elevators can fail, so can banks. If you represent the executor of an estate or the trustee of a revocable trust it is important to understand how FDIC insurance applies to estate or trust bank deposits.
Recent developments in the law of agricultural biotechnologyBy Donald L. UchtmannAgricultural Law, November 2002This article highlights selected topics from "Legal Issues in Biotechnology: A Farmer's Perspective" presented by the author on April 29, 2002 as part of Law of the Prairie, a continuing legal education program of the Illinois State Bar Association.
Zoning and land use: A case study in urban sprawlBy Paul J. EvansAgricultural Law, November 2002The following is an excerpt from materials presented by the author at the ISBA's Agricultural Law Section's "Law of the Prairie" seminar in the spring of this year.
Current topics—individual income taxBy Thomas F. HartzellAgricultural Law, July 2002The Economic Growth and Tax Relief Reconciliation Act of 2001 was passed by Congress on May 26, 2001, and signed by President Bush shortly after the Memorial Day recess of Congress.
Saline County, Kansas resolution placing builders on notice of agricultural useBy David HoffAgricultural Law, May 2002Illinois and several other states have legislation designed "to protect farming operations from nuisance suits under certain circumstances," 740 ILCS 70/0.01 et seq., with the stated purpose of such legislation being "to conserve and protect and encourage the development and improvements of its agricultural land for the production of food and other agricultural products." 740 ILCS 70/1.
Using defined survey terms in farmland purchase agreementsBy Kenneth R. EathingtonAgricultural Law, May 2002Often times buyers and sellers will negotiate, as a condition of a contract for the purchase of farmland, the delivery of a survey.
Are you liable for overtime pay?By Jeffrey A. MolletAgricultural Law, April 2002Generally, a salaried employee has always been considered just that; an employee who for a set salary works as many hours (or as few hours in some cases) as necessary to accomplish the duties assigned to be completed.
New income tax rates for non-grantor trusts and estatesBy Mike DroneAgricultural Law, April 2002The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) brought major tax relief for individuals both in the income and estate tax areas.
A tribute to Professor Harold (Hank) W. HannahBy Donald L. Uchtmann & Margaret Rosso GrossmanAgricultural Law, April 2002Harold "Hank" Winford Hannah, a respected lawyer, teacher and scholar, died November 20, 2001 in Mt. Vernon, Illinois, just a few miles from his rural Texico home.
Using the Illinois Landlord’s Lien After June 30, 2001By Donald L. Uchtmann & D. K. BannerCommercial Banking, Collections, and Bankruptcy, March 2002Having a financially stable tenant with a solid reputation for being an excellent farmer is among the best ways to assure that a farmland owner will collect rent.
Estate and gift tax changes for 2002By Mike DroneAgricultural Law, January 2002Several changes in the estate and gift tax law go into effect in 2002.
Landlord’s lien issues: a trap for the uninformed and unmotivatedBy James R. GrebeAgricultural Law, January 2002Article 9 of the Illinois Uniform Commercial Code (810 ILCS 5/9-101, et seq.) (hereinafter referred to as "UCC") was revised in the Year 2000. The revisions were effective July 1, 2001.
Securing the right to receive government payments under revised Article 9By Jeffrey A. MolletAgricultural Law, January 2002Whether a security interest in government program payments is perfected has always been at the center of debate, generally in the bankruptcy or "farmer-in-distress" context, and the issue remains largely unresolved by the recent revisions to Article 9 of the Illinois Uniform Commercial Code that took effect on July 1, 2001.
Supreme Court considering plant patent issueBy Thomas A. JenningsAgricultural Law, January 2002On October 3, 2001, the Supreme Court heard oral arguments in Pioneer Hi-Bred International, Inc. v. J.E.M. Ag Supply, Inc. 99-1996 to determine whether patents on Pioneer genetically engineered seed corn were valid under Title 35, section 101 of the United States Code.
Providing credit—risk or reward?By Jeffrey A. MolletAgricultural Law, November 2001In today's economy, and especially for agribusinesses, providing credit to customers may be a double-edged sword. Obviously, on one edge rests the theory that the extension of credit may lead to more customers and increased revenues; the other edge is the dangerously sharp side which may lead to unpaid accounts generating collection fees and losses.
Using the Illinois landlord’s lien after June 30, 2001By Donald L. Uchtmann & D. K. BannerAgricultural Law, November 2001Having a financially stable tenant with a solid reputation for being an excellent farmer is among the best ways to assure that a farmland owner will collect rent.
Agriculture education in Illinois— a call to action for membersBy Michael MassieAgricultural Law, May 2001Illinois has more than 75,000 farms, covering 28.1 million acres of land, and is the number one production state in the nation in soybeans, producing 400 million bushels... enough to fill 113,700 railroad box cars, forming a train that would stretch from Peoria to Boston.
Gift splitting can cost OFOBI deduction on 706By Mike DroneAgricultural Law, May 2001The Qualified Family Owned Business Interests deduction allowed by IRC sec. 2057 is available to qualifying estates with farms or closely held businesses