A. An owner’s lien shall expire one (1) year after the last day of the month following the date the sales price from the sale of livestock subject to such lien are required by law or contract to be paid to such livestock owner but only as to the particular livestock sold during such month, unless an action to enforce the owner’s lien is commenced within such time in a court of competent jurisdiction. B. If a sales agent advances the sales price for livestock to the livestock owner before the first purchaser pays the sales prices to the livestock owner or sales agent, the sales agent shall assume and be entitled to enforce all rights of the livestock owner under this act as to such livestock or proceeds thereof. C. In addition to any other court of competent jurisdiction, an action to enforce the owner’s lien may be commenced in the district court of the county where the agreement to sell was entered, where the sales price was to be paid, where the unpaid for livestock are located, or wherever the proceeds may be found. Provided, however, the commencement of any proceeding by or against any person claiming an interest in any property subject to the owner’s lien seeking to adjudicate such person as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of such person or such person’s debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for such person or for any substantial part of such person’s property shall toll the foregoing one (1) year period in which to commence an action to enforce the owner’s lien for an additional period of ninety (90) days from the earlier of: 1. The final conclusion or dismissal of such proceedings; or 2. The date final relief is obtained from the applicable tribunal authorizing the commencement of such action. D. The prevailing party in any action to enforce the provisions of this act shall be entitled to recover reasonable attorney fees and costs in any legal proceeding. E. Nothing in this act shall be construed to impair or affect the right of any livestock owner or sales agent to maintain a personal action to recover the debt against any person liable for payment of the sales price or to exercise any other rights and remedies available at law or in equity.
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