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2-15-306. Transfer of lien — Priority.
Arkansas Code — all titles (historical 2020) · legal_authorities
2-15-306. Transfer of lien — Priority.
(a)(1) A purchaser or sales agent takes free of an owner's lien otherwise applicable to the grain, soybeans, or peanuts purchased and is relieved of any obligations created under § 2-15-303 if the purchaser or sales agent pays the full amount of required consideration for the grain, soybeans, or peanuts under a good faith, noncollusive agreement to purchase the grain, soybeans, or peanuts.
(2) If a purchaser or sales agent pays the full amount of consideration under subdivision (a)(1) of this section, the owner's lien transfers to the proceeds paid by the purchaser or sales agent.
(b) An owner's lien shall continue uninterrupted in the proceeds paid to or otherwise due the first purchaser.
(c) Except as specifically provided in this section, an owner's lien has priority over the rights of a purchaser or sales agent.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-15-306
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:2-15-306
Source file: gov.ar.code.title.02.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 83df185ae209e8d6026cf0ef9e1e729e84860b4f8e05e2c6dab3fe27009863c2
Source location: content.xml paragraph 2363
Stored source content
2-15-306. Transfer of lien — Priority.
(a)(1) A purchaser or sales agent takes free of an owner's lien otherwise applicable to the grain, soybeans, or peanuts purchased and is relieved of any obligations created under § 2-15-303 if the purchaser or sales agent pays the full amount of required consideration for the grain, soybeans, or peanuts under a good faith, noncollusive agreement to purchase the grain, soybeans, or peanuts.
(2) If a purchaser or sales agent pays the full amount of consideration under subdivision (a)(1) of this section, the owner's lien transfers to the proceeds paid by the purchaser or sales agent.
(b) An owner's lien shall continue uninterrupted in the proceeds paid to or otherwise due the first purchaser.
(c) Except as specifically provided in this section, an owner's lien has priority over the rights of a purchaser or sales agent.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
2-15-303. Grain, soybeans, or peanuts lien.
(a)(1) To secure the obligations of a first purchaser to pay the sales price, a grain, soybean, or peanut owner is granted a lien in all grain, soybeans, or peanuts sold by the grain, soybean, or peanut owner for any unpaid portion of the sales price for the grain, soybeans, or peanuts.
(2) The lien granted under this section is granted and shall exist as part of and incident to the ownership of grain, soybeans, or peanuts.
(b) An owner's lien:
(1) Exists in and attaches immediately to all grain, soybeans, or peanuts on July 22, 2015; and
(2) Continues uninterrupted and without lapse:
(A) In all grain, soybeans, or peanuts upon and after the sale of the grain, soybeans, or peanuts; and
(B) In and to all proceeds.
(c)(1) An owner's lien exists until the grain, soybean, or peanut owner or the sales agent entitled to receive the sales price has received the full amount of the sales price.
(2) A security interest or mortgage lien of an owner's lender attaches to the grain, soybean, or peanut owner's right to an owner's lien in grain, soybeans, or peanuts or in proceeds from the sale of the grain, soybeans, or peanuts.
(3) An owner's lender does not waive its security interest or mortgage lien or right in an owner's lien by approving or authorizing the grain, soybean, or peanut owner to sell the grain, soybeans, or peanuts under a sales agreement.
(d)(1) The validity of an owner's lien is not dependent on possession of the grain, soybeans, or peanuts by a grain, soybean, or peanut owner or sales agent.
(2) An owner's lien is not void or expired by reason of a change or transfer of the actual or constructive possession of or title to the grain, soybeans, or peanuts from the grain, soybean, or peanut owner or
Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-15-303
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 2-15-303. This identifies an authority to review, not proof of applicability.