80-4-420. Producer's lien. (1) Agricultural commodities contained on the premises of a public warehouse operator or commodity dealer, including agricultural commodities owned by the warehouse operator or commodity dealer, are subject to a first priority lien in favor of holders of outstanding warehouse receipts, purchase contracts, scale weight tickets, bailment contracts, or any other evidence of storage or sale.
(2) The lien must be preferred to a lien or security interest in favor of a creditor of the warehouse operator or commodity dealer regardless of the time when the creditor's lien or security interest attached to the agricultural commodities. Notice of the lien need not be filed in order to perfect the lien.
(3) The lien is discharged as to agricultural commodities sold by the warehouse operator or commodity dealer to a buyer in the ordinary course of business. The sale does not discharge the lien in favor of an individual holder of outstanding warehouse receipts, purchase contracts, scale weight tickets, bailment contracts, or other evidence of storage or sale on the remaining agricultural commodities on the premises.
History: En. Sec. 18, Ch. 452, L. 1993; amd. Sec. 1, Ch. 177, L. 2003.
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