§ 702.
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/vt/702A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 702. Marketing contracts
(a)If a marketing contract provides for the sale of products, commodities, or goods to a mutual benefit enterprise, the sale transfers title to the enterprise upon delivery or at any other specific time expressly provided by the contract.
(b)A marketing contract may:
(1)authorize a mutual benefit enterprise to create an enforceable security interest in the products, commodities, or goods delivered; and
(2)allow the enterprise 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.
(c)Some or all of the provisions of a marketing contract between a patron member and a mutual benefit enterprise may be contained in the organic rules. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)