A bill to amend the Agriculture and Food Act of 1981 to provide protection for agricultural purchasers of farm products.

Summary

Amends the Agriculture and Food Act of 1981 to provide that a buyer in the ordinary course of business who buys farm products from a seller engaged in farming operations shall take free of any seller-created security interest even though the buyer knows of its existence, unless within 12 months before the sale the buyer: (1) received notice of the security interest and of any payment obligations imposed by the secured party as conditions for waiver or release of the security interest and (2) has failed to perform such obligations. Sets forth parallel provisions for commission merchants or selling agents.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 19 March 1985

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.