Arkansas § 2-15-306 Transfer of lien - Priority

Arkansas Statutes

§ 2-15-306 — Transfer of lien - Priority

(a)(1) A purchaser or sales agent takes free of an owner's lien otherwise applicable to the grain, soybeans, or peanuts purchased and is relieved of any obligations created under § 2-15-303 if the purchaser or sales agent pays the full amount of required consideration for the grain, soybeans, or peanuts under a good faith, noncollusive agreement to purchase the grain, soybeans, or peanuts.

(2)If a purchaser or sales agent pays the full amount of consideration under subdivision (a)(1) of this section, the owner's lien transfers to the proceeds paid by the purchaser or sales agent.

(b)An owner's lien shall continue uninterrupted in the proceeds paid to or otherwise due the first purchaser.

(c)Except as specifically provided in this section, an owner's lien has priority over the rights of

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(a) (1) A purchaser or sales agent takes free of an owner's lien otherwise applicable to the grain, soybeans, or peanuts purchased and is relieved of any obligations created under § 2-15-303 if the purchaser or sales agent pays the full amount of required consideration for the grain, soybeans, or peanuts under a good faith, noncollusive agreement to purchase the grain, soybeans, or peanuts. (2) If a purchaser or sales agent pays the full amount of consideration under subdivision (a)(1) of this section, the owner's lien transfers to the proceeds paid by the purchaser or sales agent. (b) An owner's lien shall continue uninterrupted in the proceeds paid to or otherwise due the first purchaser. (c) Except as specifically provided in this section, an owner's lien has priority over the rights of a purchaser or sales agent.

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