Section 56-13-2 – Legislative purpose.
It is the intent of the legislature to adopt a central filing system for security interests relating to farm products pursuant to Section 1324 of the Food Security Act of 1985, Public Law 99-198. It is also the intent of the legislature that upon the adoption of the central filing system, security interest holders be […]
Section 56-13-3 – Definitions.
As used in the Farm Products Secured Interest Act: A. “buyer in the ordinary course of business” means a person who, in the ordinary course of business, buys farm products from a person engaged in farming operations who is in the business of selling farm products; B. “central filing system” means the system for filing […]
Section 56-13-4 – Implementation of central filing system.
The secretary of state shall design and implement a central filing system for effective financing statements. The secretary of state shall be the system operator. The system shall provide a means for filing effective financing statements or notices of such financing statements on a statewide basis. The system shall include requirements that: A. an effective […]
Section 56-13-5 – Certification of system.
The secretary of state shall apply to the secretary of the United States department of agriculture for certification of the central filing system provided by the Farm Products Secured Interest Act. History: Laws 1987, ch. 177, § 5. ANNOTATIONS Compiler’s notes. — Laws 1995, ch. 190, § 19 amended Laws 1987, ch. 177, § 16, […]