1. The lien provided for in NRS 108.887 applies to any farm product and any processed farm product in the possession of the processor.
2. For the purposes of this section, a farm product or a processed farm product deposited by a processor with a warehouse, whether or not warehouse receipts are given as security to a lender, shall be deemed to be in the possession of the processor and subject to the lien of the producer.
3. As used in this section:
(a) “Lender” includes any person who advances new value to a processor.
(b) “New value” includes a new advance or loan, whether in money or property, that is made by a lender to a processor. The term does not include an:
(1) Extension or renewal of an existing obligation of the processor; or
(2) Obligation that is substituted for an existing obligation of the processor.
(Added to NRS by 2001, 1229)
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