16-16-702. Marketing contracts.
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/ut/title-16/chapter-16/16-16-702A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
16-16-702. Marketing contracts.
(1)If a marketing contract provides for the sale of products, commodities, or goods to a limited cooperative association, the sale transfers title to the association upon delivery or at any other specific time expressly provided by the contract.
(2)A marketing contract may:
(a)authorize a limited cooperative association to create an enforceable security interest in the products, commodities, or goods delivered; and
(b)allow the association to sell the products, commodities, or goods delivered and pay the sales price on a pooled or other basis after deducting selling costs, processing costs, overhead, expenses, and other charges.
(3)Some or all of the provisions of a marketing contract between a patron member and a limited cooperative association may be contained in the organic rules.
Enacted by Chapter 363 , 2008 General Session