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

Arkansas Statutes

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

Arkansas § 2-15-306

Title2

This text of Arkansas § 2-15-306 (Transfer of lien - Priority) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 2-15-306 (2026).

Text

(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

Free access — add to your briefcase to read the full text and ask questions with AI

(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.