Sec. 70.4045. PERFECTION AND PRIORITY OF AGRICULTURAL LIEN ON CROPS. (a) Notwithstanding Chapter 9, Business & Commerce Code, a lien created under this subchapter is perfected at the time the lien attaches under Section 70.403 and continues to be perfected if a financing statement covering the agricultural crop is filed on or before the 90th day after the date:
(1) the physical possession of the crop is delivered or transferred by the agricultural producer to the contract purchaser or the purchaser's agent, if there is only one delivery under the contract; or
(2) of the last delivery of the crop to the contract purchaser or the purchaser's agent, if there is a series of deliveries under the contract.
(b) If a financing statement covering the agricultural crop is not filed within the time prescribed by Subsection (a)(1) or (2), as applicable, the lien is considered unperfected on the date the lien attached until the date the financing statement is filed or the lien is perfected under Chapter 9, Business & Commerce Code.
(c) Notwithstanding Chapter 9, Business & Commerce Code, a lien created and perfected under this subchapter has priority over a conflicting security interest in or lien on the agricultural crop or the proceeds from the sale of the crop created by the contract purchaser in favor of a third party, other than a cotton ginner's lien created under Section 70.003(d), regardless of the date the security interest or lien created by the contract purchaser attached. This subsection does not affect a security interest or lien created and perfected to secure a loan directly to the agricultural producer.
Added by Acts 2015, 84th Leg., R.S., Ch. 628 (S.B. 1339), Sec. 5, eff. September 1, 2015.
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