(a) (1) A grain, soybean, or peanut 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 grain, soybean, or peanut owner or a sales agent acting on behalf of a grain, soybean, or peanut 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 grain, soybean, or peanut owner or sales agent; or
(2) Both:
(A) Executes a contract that is satisfactory to the grain, soybean, or peanut owner or sales agent to prepay or escrow the sales price under an agreement to sell that is satisfactory to the grain, soybean, or peanut owner; and
(B) Performs all of the first purchaser's obligations under the contract.
Section: Previous 2-15-302 2-15-303 2-15-304 2-15-305 2-15-306 2-15-307 2-15-308 2-15-309 2-15-310 2-15-311 NextLast modified: November 15, 2016