Montana § 80-4-419 Bankruptcy As Grounds For Cancellation

Montana Statutes

§ 80-4-419 — Bankruptcy As Grounds For Cancellation

Montana·Title 80 AGRICULTURE·Ch. 4 AGRICULTURAL COMMODITIES·Part 4 Agricultural Commodities Generally

80-4-419 . Bankruptcy as grounds for cancellation.

(1)If a commodity dealer files for bankruptcy, a contract or any part of a contract for delivery of a commodity may be canceled without penalty to the producer if the cancellation involves only the remaining unperformed portions of the contract. A cancellation under this section:

(a)is not a breach of contract;

(b)is allowed even if not explicitly provided for in the contract.

(2)In the event of a cancellation, a commodity dealer remains responsible for payment that is due to the producer for delivered portions of the contract.

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80-4-419 . Bankruptcy as grounds for cancellation. (1) If a commodity dealer files for bankruptcy, a contract or any part of a contract for delivery of a commodity may be canceled without penalty to the producer if the cancellation involves only the remaining unperformed portions of the contract. A cancellation under this section:
(a) is not a breach of contract;
(b) is allowed even if not explicitly provided for in the contract.
(2) In the event of a cancellation, a commodity dealer remains responsible for payment that is due to the producer for delivered portions of the contract.

Montana § 80-4-419 (Bankruptcy As Grounds For Cancellation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.