Sec. 70.407. DISCHARGE OF LIEN. (a) A lien created under this subchapter is discharged when:
(1) the lienholder receives full payment for the agricultural crop; or
(2) payment is tendered by the warehouse or the contract purchaser, as applicable, and the lienholder, without coercion, defers payment.
(b) If payment for the agricultural crop is received in the form of a negotiable instrument, full payment is received when the negotiable instrument clears all financial institutions.
Added by Acts 2001, 77th Leg., ch. 732, Sec. 1, eff. Sept. 1, 2001.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 887 (H.B. 3063), Sec. 7, eff. September 1, 2017.
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