(1) In the absence of a contract or other agreement providing otherwise, any processor who purchases meat animals from the producers thereof shall make full payment therefor not later than the second business day after the day the processor takes delivery of any such meat animal.
(2) In the absence of a contract or other agreement providing otherwise, any meat seller who purchases meat or meat products from the processor thereof shall make full payment therefor not later than the seventh business day after the day the meat seller takes delivery of any such meat or meat product.
(3) Any person who fails to make payment as required by subsections (1) and (2) of this section shall pay, in addition to the amount due, interest thereon at the rate of one percent per month.
(4) As used in this section:
(a) "Meat animal" has the meaning for that term provided in ORS 603.010.
(b) "Meat or meat product" has the meaning for that term provided in ORS 603.010.
(c) "Meat seller" means a person required to obtain a license described in ORS 603.025 (4)(a).
(d) "Processor" means a person required to obtain a license described in ORS 603.025 (4)(b) to (e). [1975 c.703 §10; 2012 c.64 §35]
Note: 603.200 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 603 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
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