§ 2-15-303 — Grain, soybeans, or peanuts lien

Arkansas § 2-15-303

• Jurisdiction: Arkansas
• Title: 2

Text

(a) (1) To secure the obligations of a first purchaser to pay the sales price, a grain, soybean, or peanut owner is granted a lien in all grain, soybeans, or peanuts sold by the grain, soybean, or peanut owner for any unpaid portion of the sales price for the grain, soybeans, or peanuts. (2) The lien granted under this section is granted and shall exist as part of and incident to the ownership of grain, soybeans, or peanuts. (b) An owner's lien: (1) Exists in and attaches immediately to all grain, soybeans, or peanuts on July 22, 2015; and (2) Continues uninterrupted and without lapse: (A) In all grain, soybeans, or peanuts upon and after the sale of the grain, soybeans, or peanuts; and (B) In and to all proceeds. (c) (1) An owner's lien exists until the grain, soybean, or peanut owner or the sales agent entitled to receive the sales price has received the full amount of the sales price. (2) A security interest or mortgage lien of an owner's lender attaches to the grain, soybean, or peanut owner's right to an owner's lien in grain, soybeans, or peanuts or in proceeds from the sale of the grain, soybeans, or peanuts. (3) An owner's lender does not waive its security interest or mortgage lien or right in an owner's lien by approving or authorizing the grain, soybean, or peanut owner to sell the grain, soybeans, or peanuts under a sales agreement. (d) (1) The validity of an owner's lien is not dependent on possession of the grain, soybeans, or peanuts by a grain, soybean, or peanut owner or sales agent. (2) An owner's lien is not void or expired by reason of a change or transfer of the actual or constructive possession of or title to the grain, soybeans, or peanuts from the grain, soybean, or peanut owner or sales agent to a first purchaser or subsequent purchaser.

Legislative History

Added by Act 2015, No. 1082,§ 1, eff. 7/22/2015.