Arkansas Code § 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.

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    Next

Last modified: November 15, 2016