(a) If grain, soybeans, or peanuts subject to an owner's lien are commingled with other grain, soybeans, or peanuts in a manner that the identity of the specific grain, soybeans, or peanuts subject to the owner's lien cannot be determined by reasonable means, the owner's lien continues without interruption into and attaches to the commingled grain, soybeans, or peanuts and is perfected automatically as of the date of its original perfection but only as to the percentage of the commingled grain, soybeans, or peanuts equal to the amount of grain, soybeans, or peanuts to which the owner's lien originally attached. (b) An owner's lien in commingled grain, soybeans, or peanuts under subsection (a) of this section has priority over any security interest or other lien that is not an owner's lien or permitted lien regardless of whether the security interest or other lien has been properly perfected. (c) If more than one (1) owner's lien attaches to commingled grain, soybeans, or peanuts, the owners' liens rank equally in the proportion that the respective sales prices secured by each owner's lien bear as a percentage of the total of the sales prices secured by all owners' liens applicable at the time the grain, soybeans, or peanuts were commingled. Added by Act 2015, No. 1082,§ 1, eff. 7/22/2015. (a) If grain, soybeans, or peanuts subject to an owner's lien are commingled with other grain, soybeans, or peanuts in a manner that the identity of the specific grain, soybeans, or peanuts subject to the owner's lien cannot be determined by reasonable means, the owner's lien continues without interruption into and attaches to the commingled grain, soybeans, or peanuts and is perfected automatically as of the date of its original perfection but only as to the percentage of the commingled grain, soybeans, or peanuts equal to the amount of grain, soybeans, or peanuts to which the owner's lien originally attached. (b) An owner's lien in commingled grain, soybeans, or peanuts under subsection (a) of this section has priority over any security interest or other lien that is not an owner's lien or permitted lien regardless of whether the security interest or other lien has been properly perfected. (c) If more than one (1) owner's lien attaches to commingled grain, soybeans, or peanuts, the owners' liens rank equally in the proportion that the respective sales prices secured by each owner's lien bear as a percentage of the total of the sales prices secured by all owners' liens applicable at the time the grain, soybeans, or peanuts were commingled. Added by Act 2015, No. 1082,§ 1, eff. 7/22/2015. (a) If grain, soybeans, or peanuts subject to an owner's lien are commingled with other grain, soybeans, or peanuts in a manner that the identity of the specific grain, soybeans, or peanuts subject to the owner's lien cannot be determined by reasonable means, the owner's lien continues without interruption into and attaches to the commingled grain, soybeans, or peanuts and is perfected automatically as of the date of its original perfection but only as to the percentage of the commingled grain, soybeans, or peanuts equal to the amount of grain, soybeans, or peanuts to which the owner's lien originally attached. (b) An owner's lien in commingled grain, soybeans, or peanuts under subsection (a) of this section has priority over any security interest or other lien that is not an owner's lien or permitted lien regardless of whether the security interest or other lien has been properly perfected. (c) If more than one (1) owner's lien attaches to commingled grain, soybeans, or peanuts, the owners' liens rank equally in the proportion that the respective sales prices secured by each owner's lien bear as a percentage of the total of the sales prices secured by all owners' liens applicable at the time the grain, soybeans, or peanuts were commingled. Added by Act 2015, No. 1082,§ 1, eff. 7/22/2015. (a) If grain, soybeans, or peanuts subject to an owner's lien are commingled with other grain, soybeans, or peanuts in a manner that the identity of the specific grain, soybeans, or peanuts subject to the owner's lien cannot be determined by reasonable means, the owner's lien continues without interruption into and attaches to the commingled grain, soybeans, or peanuts and is perfected automatically as of the date of its original perfection but only as to the percentage of the commingled grain, soybeans, or peanuts equal to the amount of grain, soybeans, or peanuts to which the owner's lien originally attached. (b) An owner's lien in commingled grain, soybeans, or peanuts under subsection (a) of this section has priority over any security interest or other lien that is not an owner's lien or permitted lien regardless of whether the security interest or other lien has been properly perfected. (c) If more than one (1) owner's lien attaches to commingled grain, soybeans, or peanuts, the owners' liens rank equally in the proportion that the respective sales prices secured by each owner's lien bear as a percentage of the total of the sales prices secured by all owners' liens applicable at the time the grain, soybeans, or peanuts were commingled.
‹ Prev All Arkansas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.