57A-9-609.1. Action for recovery of security by creditor against third party purchaser of farm products--Limitation period--Offer to file criminal complaint.
136 words·~1 min read·
/sd/title-57/chapter-57-9/57a-9-609-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No cause of action for recovery of security or its value may be commenced by a secured creditor against an innocent third - party purchaser of farm products as defined in subsection
(34)of § 57A-9-102 , nor may such a cause of action be commenced against a livestock auction agency, as defined in chapter 40-15 and § 301 of the Packers and Stockyards Act (7 USC 201), or a public grain warehouse, or a public terminal grain warehouse, or a grain dealer as defined by chapters 49-43 , 49-44 , and 49-45 respectively, unless such action is commenced within twenty - four months from the date the farm products are sold and unless such action is preceded by the secured creditor offering to file against the debtor, a complaint as defined by § 23A-2-1 .