Summary: H.R.1591 — 99th Congress (1985-1986)All Information (Except Text)

There is one summary for H.R.1591. Bill summaries are authored by CRS.

Shown Here:
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.