This text of Arkansas § 2-6-107 (Purchase methods - Delays) 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.
(a)Each processor shall use one (1) of the following methods to purchase catfish products:
(1)The processor may deliver to the producer or his or her authorized representative and any secured parties the full amount of the purchase price on the same day the catfish product is purchased and possession is transferred;
(2)(A) Before the close of the fourteenth calendar day following the purchase of the catfish products and transfer or possession of the catfish products, the processor may deliver to the producer or his or her authorized representative and any secured parties the full amount of the purchase price.
(B)If the producer or his or her authorized representative or secured parties are not present to receive payment at the point of transfer or possession, as provided in subdivision
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(a) Each processor shall use one (1) of the following methods to purchase catfish products: (1) The processor may deliver to the producer or his or her authorized representative and any secured parties the full amount of the purchase price on the same day the catfish product is purchased and possession is transferred; (2) (A) Before the close of the fourteenth calendar day following the purchase of the catfish products and transfer or possession of the catfish products, the processor may deliver to the producer or his or her authorized representative and any secured parties the full amount of the purchase price. (B) If the producer or his or her authorized representative or secured parties are not present to receive payment at the point of transfer or possession, as provided in subdivision (a)(1) of this section, the processor shall wire transfer funds or place a check in the United States mail for the full amount of the purchase price, properly addressed to the producer and any secured parties, within the time limits specified in this subsection. This action shall be deemed in compliance with the requirement for prompt payment under this subdivision (a)(2); or (3) The parties to the purchase and sale of catfish products may expressly agree in writing before the purchase or sale to effect payment in a manner other than that required in subdivision (a)(1) or (2) of this section if the manner of payment does not interfere with the rights of secured parties. Any agreement shall be disclosed in the records of any producer selling the catfish and in the processors' records and on the accounts or other documents issued by the processors relating to the transaction. (b) (1) Regardless of the method elected under subdivision (a)(2) of this section to purchase catfish products, a Class A registrant, before the transaction, shall be required to: (A) Be bonded in the amount of two hundred fifty thousand dollars ($250,000) or in an amount which may be determined by the Department of Agriculture; (B) Post a security bond in the amount of two hundred fifty thousand dollars ($250,000) or in an amount which may be determined by the department; or (C) Provide cash security, letters of credit, and such other evidences of security as shall be authorized by the department. (2) However, if a Class A registrant purchases catfish solely and exclusively from producers that are also the owners of the processor, then the Class A registrant is exempt from the bonding or security requirements imposed under subdivision (b)(1) of this section. (c) Any delay or attempt to delay, by a processor purchasing catfish products, the collection of funds as provided in this chapter or otherwise for the purpose of or resulting in extending the normal period of payment for the catfish shall be considered an unfair practice in violation of this chapter. (d) (1) At the time catfish are delivered to a processor and unloaded from a live-haul truck, the processor shall weigh the catfish using a device that is of a type suitable for the weighing of catfish. (2) Deductions for trash fish, turtles, and other foreign material except water shall be determined by a separate weighing of the same. (3) There shall be no water tare nor deductions made for water in weighing baskets. (4) Processors are responsible for draining water from weighing baskets. (e) (1) Scales used to weigh catfish and foreign material under this section must be capable of electronically printing a ticket that provides an exact duplicate of the weight indicated. (2) A copy of the ticket shall be provided to the producer at the time of weighing. (3) The ticket shall also contain the following: (A) The name and address of the processor; (B) The name of the owner of the catfish being weighed; (C) The date the catfish are weighed; (D) The signature of the individual who weighs the catfish; and (E) Any additional information as the department deems necessary for the lawful and accurate recording of the weight of the catfish. (f) Processors who process less than seventeen thousand five hundred pounds (17,500 lbs.) of catfish per week are not required to use the electronic printing scales otherwise required by this section. (g) The department shall be responsible for the enforcement of this section, and its agents shall perform periodic inspections of processing plants to ensure that the provisions of this section are being carried out and that all deductions for foreign material are legitimate and fair to the producer.