§ 2-6-118 — Receivership - Sale of processed catfish - Merchandiser

Arkansas § 2-6-118

• Jurisdiction: Arkansas
• Title: 2

Text

(a) When the court approves the sale of processed catfish the Secretary of the Department of Agriculture shall employ a merchandiser to effect the sale of those commodities. (b) A person employed as a merchandiser must meet the following requirements: (1) The person shall be experienced or knowledgeable in the operation of processors registered under this chapter, and if the person has ever held a registration certificate issued under this chapter, the person shall never have had the registration suspended; (2) The person shall be experienced or knowledgeable in the marketing of aquacultural products; and (3) The person shall not be the holder of a weigh ticket issued by the Class A registrant and shall not have a claim against the Class A registrant, whether as a secured or unsecured creditor, and otherwise shall not have any pecuniary interest in the Class A registrant or the Class A registrant's business. (c) The merchandiser shall be entitled to reasonable compensation as determined by the secretary. (d) A sale of processed catfish shall be made in a commercially reasonable manner and under the supervision of the secretary. (e) The secretary shall have authority to sell the processed catfish, and provisions of the Uniform Commercial Code, § 4-1-101 et seq., to the contrary notwithstanding, any processed catfish so sold shall be free of all liens and other encumbrances.

Legislative History

Amended by Act 2023, No. 588,§ 18, eff. 8/1/2023. Acts 1989 (3rd Ex. Sess.), No. 53, § 7.