modify the requirements for obtaining an agricultural processor's lien.
What changed between versions
Added a requirement that financing statements must include specific details such as the names and addresses of both the processor and the client, the amount due, the quantity of products covered, and the location of the products.
Established a strict 60-day deadline from the date processing is finished to file the financing statement; failure to file within this window results in the lien not attaching to the product.
Clarified that the lien is terminated if the processor does not file a lawsuit to enforce it within 60 days of filing the financing statement.
Set the effective date for the new requirements to July 1, 2027, while superseding previous session laws as of July 1, 2026.
Requires the processor to notify any consignee or purchaser in writing that the debt has not been paid before the product is sold or consigned.
Added a rule that if a product is sold with the processor's written consent within 60 days and no financing statement is filed, the lien does not attach to the product or its proceeds unless the buyer is notified in writing before the purchase.
