80-4-419. Bankruptcy as grounds for cancellation. (1) If a commodity dealer files for bankruptcy, a contract or any part of a contract for delivery of a commodity may be canceled without penalty to the producer if the cancellation involves only the remaining unperformed portions of the contract. A cancellation under this section:
(a) is not a breach of contract;
(b) is allowed even if not explicitly provided for in the contract.
(2) In the event of a cancellation, a commodity dealer remains responsible for payment that is due to the producer for delivered portions of the contract.
History: En. Sec. 1, Ch. 247, L. 2013.
Structure Montana Code Annotated
Chapter 4. Agricultural Commodities
Part 4. Agricultural Commodities Generally
80-4-404. Terms of licenses -- renewals
80-4-406. Appointment by nonresident licensee of agent to receive process
80-4-407. Reports to the department
80-4-408. Examination of books
80-4-409. Confidentiality of records
80-4-410. Publication of reports
80-4-411. Employment of assistants
80-4-412. through 80-4-414 reserved
80-4-415. Creation of commodity dealer/public warehouse operators account -- deposit of funds
80-4-416. Deposit of deficiency funds and liquidation funds
80-4-417. and 80-4-418 reserved
80-4-419. Bankruptcy as grounds for cancellation
80-4-421. License suspension and revocation -- renewal
80-4-422. Delayed payment or purchase contracts
80-4-424. Director's authority -- investigative hearing
80-4-425. Action on bond by persons injured -- liability of surety -- statute of limitations
80-4-428. Penalty for operating without license -- misrepresentation