Page:United States Statutes at Large Volume 99 Part 2.djvu/429

 PUBLIC LAW 99-198—DEC. 23, 1985

99 STAT. 1539

notice from the secured party by performing any payment obligation or otherwise; and (f) What constitutes receipt, as used in this section, shall be determined by the law of the State in which the buyer resides. (g)(1) Except as provided in paragraph (2) and notwithstanding Prohibition, any other provision of Federal, State, or local law, a commission merchant or selling agent who sells, in the ordinary course of business, a farm product for others, shall not be subject to a security interest created by the seller in such farm product even though the security interest is perfected and even though the commission merchant or selling agent knows of the existence of such interest. (2) A commission merchant or selling agent who sells a farm product for others shall be subject to a security interest created by the seller in such farm product if— (A) within 1 year before the sale of such farm product the commission merchant or selling agent has received from the secured party or the seller written notice of the security interest; organized according to farm products, that— (i) is an original or reproduced copy thereof; (ii) contains, (I) the name and address of the secured party; (II) the name and address of the person indebted to the secured party; (III) the social security number of the debtor or, in the case of a debtor doing business other than as an individual, the Internal Revenue Service taxpayer identification number of such debtor; (IV) a description of the farm products subject to the security interest created by the debtor, including the amount of such products, where applicable, crop year, county or parish, and a reasonable description of the property, etc.; and (iii) must be amended in writing, within 3 months, similarly signed and transmitted, to reflect material changes; (iv) will lapse on either the expiration period of the statement or the transmission of a notice signed by the secured party that the statement has lapsed, whichever occurs first; and (v) any payment obligations imposed on the commission merchant or selling agent by the secured party as conditions for waiver or release of the security interest; and (B) the commission merchant or selling agent has failed to perform the payment obligations; (C) in the case of a farm product produced in a State that has established a central filing system— (i) the commission merchant or selling agent has failed to register with the Secretary of State of such State prior to the purchase of farm products; and (ii) the secured party has filed an effective financing statement or notice that covers the farm products being sold; or (D) in the case of a farm product produced in a State that has established a central filing system, the commission merchant or selling agent— (i) receives from the Secretary of State of such State written notice as provided in subsection (c)(2)(E) or (c)(2)(F) that specifies both the seller and the farm products being

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