PROTECTION OF BUYERS OF FARM PRODUCTS,
COMMISSION MERCHANTS AND SELLING AGENTS
A buyer of farm products, commission merchant, or selling agent who purchases or sells farm products in the ordinary course of business from or for a person engaged in farming operations takes subject to a security interest in the farm products if:
(a)(i)the buyer of the farm products, commission merchant, or selling agent has failed to register with the Secretary of State prior to the purchase of the farm products and the secured party has filed an effective financing statement that covers the farm products being sold; or
(ii)the buyer of farm products, commission merchant or selling agent receives from the Secretary of State written notice as provided in paragraph (d) or (f) of subsection (4) of Section 1-9-320.6 of this title, and the buyer of farm products, commission merchant or selling agent does not secure a waiver or release of the security interest specified in an effective financing statement from the secured party by performing any payment obligation or otherwise; or
(b)the secured party or the seller provides written notice of the security interest pursuant to the provisions of Section 1-9-320.7 of this title.
Added by Laws 1987, c. 69, § 4. Amended by Laws 2000, c. 371, § 44, eff. July 1, 2001. Renumbered from § 9-307.4 of this title by Laws 2000, c. 371, § 183, eff. July 1, 2001.
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