In re Cascade Grain Products, L.L.C., 465 B.R. 570 (Bkrtcy. D. Ore. 2011)

(trustee in Chapter 7 bankruptcy sought to recover payments made by ethanol plant to corn producers within 90 days before bankruptcy; corn producers filed summary judgment motion contending payments based on forward contracts, which are protected from recovery by 11 U.S.C. § 546(e); issue is whether contracts with delivery dates ranging from date of contract until a later date are forward contracts; forward contracts require a maturity date more than two days after contract is entered into; court adopts financial market definition of maturity date, which is “the future date at which the commodity must be bought or sold” and when the benefit or detriment is realized because ownership and risk of loss passes to the buyer and the buyer is obligated to pay to determine maturity date; reviewing contracts at issue, court found shipments were not delivered within two days of contract formation; all contracts were determined to be forward contracts protected by 11 U.S.C. § 546(e)).