H.R.1591 - A bill to amend the Agriculture and Food Act of 1981 to provide protection for agricultural purchasers of farm products.99th Congress (1985-1986)
|Sponsor:||Rep. Stenholm, Charles W. [D-TX-17] (Introduced 03/19/1985)|
|Committees:||House - Agriculture|
|Latest Action:||House - 09/19/1985 Favorable Executive Comment Received From USDA. (All Actions)|
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Summary: H.R.1591 — 99th Congress (1985-1986)All Information (Except Text)
Introduced in House (03/19/1985)
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.