|SB 0510||Authorizes filing and perfection of fertilizer and agricultural chemical liens by suppliers|
|LR Number:||S2050.01I||Fiscal Note:||2050-01|
|Committee:||Agriculture, Conservation, Parks & Tourism|
|Last Action:||03/08/99 - Referred S Agriculture, Conservation, Parks & Tourism||Journal page:||S423|
|Effective Date:||August 28, 1999|
SB 510 - This act authorizes the filing and perfection of fertilizer and agricultural chemical liens. A supplier of any "agricultural production input", defined as any agricultural chemical, feed, seed, petroleum product, electricity or labor used in crop and livestock production, is allowed to notify a lender of a lien on such items by providing a lien notification statement. The lender is then required to respond, within 15 days of receiving the statement, with either a letter of commitment or a refusal to issue one. If a letter of commitment is issued by the lender, then the seller does not get the lien. If the lender refuses a letter of commitment, existing rights (such as a prior perfected lien of the lender under the UCC) are not affected.
If the lender does not respond to the supplier within 15
days after receiving the statement, the supplier will have a lien
which has priority over any security interest of the lender. The
lien attaches when the item is furnished by the supplier to the
purchaser. The lien is perfected by filing the statement.
Enforcement is the same as under the UCC. An action to enforce
the lien may be brought in circuit court in a county in which
some part of the livestock or crop was located after perfection.
When the lien is satisfied, the lienholder is required to file a