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2-32-406. Transfer of lien — Priority.
Arkansas Code — all titles (historical 2020) · legal_authorities
2-32-406. Transfer of lien — Priority.
(a)(1) A purchaser or sales agent takes free of an owner's lien otherwise applicable to the livestock purchased and is relieved of any obligations created under § 2-32-403 if the purchaser or sales agent pays the full amount of required consideration for the livestock under a good faith, noncollusive agreement to purchase the livestock.
(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) · 2-32-406
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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Stable record: arkansas_code:legal_authorities:2-32-406
Source file: gov.ar.code.title.02.odt
Pages: Not recorded – Not recorded
Passage SHA-256: bce4639a1f685ed8d114d6eba4bb28d97267b7212c2af53cd906e77087815faa
Source location: content.xml paragraph 6785
Stored source content
2-32-406. Transfer of lien — Priority.
(a)(1) A purchaser or sales agent takes free of an owner's lien otherwise applicable to the livestock purchased and is relieved of any obligations created under § 2-32-403 if the purchaser or sales agent pays the full amount of required consideration for the livestock under a good faith, noncollusive agreement to purchase the livestock.
(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
2-32-403. Livestock lien.
(a)(1) To secure the obligations of a first purchaser to pay the sales price, a livestock owner is granted a lien in all livestock sold by the livestock owner for any unpaid portion of the sales price for the livestock.
(2) The lien granted under this section is granted and shall exist as part of and incident to the ownership of livestock.
(b) An owner's lien:
(1) Exists in and attaches immediately to all livestock on August 16, 2013; and
(2) Continues uninterrupted and without lapse:
(A) In all livestock upon and after sale of the livestock; and
(B) In and to all proceeds.
(c)(1) An owner's lien exists until the livestock 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 livestock owner's right to an owner's lien in livestock or in proceeds from the sale of the livestock.
(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 livestock owner to sell the livestock under a sales agreement.
(d)(1) The validity of an owner's lien is not dependent on possession of the livestock by a livestock 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 livestock from the livestock owner or sales agent to a first purchaser or subsequent purchaser.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-32-403
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 2-32-403. This identifies an authority to review, not proof of applicability.