2-32-409. Waiver, relinquishment, or release of lien prohibited.

Arkansas Code — all titles (historical 2020) · legal_authorities

2-32-409. Waiver, relinquishment, or release of lien prohibited.

2-32-409. Waiver, relinquishment, or release of lien prohibited. (a)(1) A livestock owner shall not be required as a condition or term of an agreement to sell or otherwise to: (A) Waive, relinquish, or release an owner's lien or any rights under this subchapter other than upon payment in full of the sales price; or (B) Agree to a provision that would apply the law of a state other than the State of Arkansas with respect to the rights granted under this subchapter. (2) A waiver, relinquishment, release, or provision that violates subdivision (a)(1) of this section is void as a matter of the public policy of this state. (b) A livestock owner or a sales agent acting on behalf of a livestock owner may waive, relinquish, or release an owner's lien or any rights under this subchapter or agree to a provision that would apply the law of a state other than the State of Arkansas with respect to the rights granted under this subchapter if the first purchaser: (1) Posts a letter of credit in a form and amount satisfactory to the livestock owner or sales agent; or (2) Both: (A) Executes a contract that is satisfactory to the livestock owner or sales agent to prepay or escrow the sales price under an agreement to sell that is satisfactory to the livestock owner; and (B) Performs all of the first purchaser's obligations under the contract.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 2-32-409

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.