(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.
Section: Previous 2-32-402 2-32-403 2-32-404 2-32-405 2-32-406 2-32-407 2-32-408 2-32-409 2-32-410 2-32-411 NextLast modified: November 15, 2016