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April 24, 2017 | Feed & Grain staff
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Lawsuit Filed Over Missing Collateral Grain

Agrifund LLC attempts to collect after being misled about grain levels

Lawsuit Filed Over Missing Collateral Grain

The Ouachita Citizen’s Zach Parker reported on a lawsuit filed by Agrifund LLC against Thomas “Tommy” Dickerson, a Delhi, LA, farmer, over a deal in which Dickerson allegedly pledged corn as collateral to several different lenders including Agrifund LLC. However, the lawsuit alleges the corn may have never existed.

According to Agrifund LLC, Dickerson would not let inspectors access bins to perform measurements, reportedly lied about the amounts in bins and took them to bins he did not own. When inspectors finally gained access to the bins, they were empty or had far less grain inside than promised. Even the grain that was recoverable was subject to competing claims —  apparently being used as collateral for other deals.

The defendant has not responded to any of Agrifund’s attempts to contact them. It is unknown how much Agrifund is asking for in the lawsuit, but the defendant used the corn as collateral for a promissory note of some $2.2 million and some $1.7 million.

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