Sec. 22-277a. Prompt payment for livestock required.
Sec. 22-277a. Prompt payment for livestock required. (a) Any dealer or broker
licensed pursuant to chapter 437 and any person, firm or corporation licensed pursuant
to section 22-277 shall deliver to the seller or his duly authorized representative before
the close of the next business day following the purchase of livestock and transfer of
possession thereof, the full amount of the purchase price. Each such dealer, broker,
person, firm or corporation purchasing livestock for slaughter shall deliver a check to
the seller or his duly authorized representative before the close of the next business day
following the purchase of livestock and transfer of possession thereof, at the point of
transfer of possession or shall wire transfer funds to the seller's account for the full
amount of the purchase price; or, in the case of a purchase on a carcass or "grade and
yield" basis, the purchaser shall make payment by check at the point of transfer of
possession or shall wire transfer funds to the seller's account for the full amount of the
purchase price not later than the close of the first business day following determination
of the purchase price. If the seller or his duly authorized representative is not present
to receive payment at the point of transfer of possession, as herein provided, such dealer,
broker, person, firm or corporation shall wire transfer funds or place a check in the
United States mail for the full amount of the purchase price, properly addressed to the
seller, within the time limits specified in this subsection, such action being deemed
compliance with the requirement for prompt payment.
(b) Notwithstanding the provisions of subsection (a) of this section and subject to
such terms and conditions as the commissioner may prescribe by regulations adopted
in accordance with chapter 54, the parties to the purchase and sale of livestock may
expressly agree in writing, before such purchase or sale, to effect payment in a manner
other than that required in subsection (a). Any such agreement shall be disclosed in the
records of any such dealer, broker, person, firm or corporation selling the livestock, and
in the purchaser's records and on the accounts or other documents issued by the purchaser
relating to the transaction.
(c) Each license issued to a dealer or broker pursuant to chapter 437 or to a person,
firm or corporation pursuant to section 22-277, shall be shown, upon request, to any
person with whom the licensee transacts or proposes to transact business. If, in the
judgment of the commissioner, any provision of this section or any regulation adopted
thereunder has been violated, the commissioner shall send a notice by registered or
certified mail to the licensee, who shall be given a hearing, and, if a violation is proven,
his license shall be revoked or suspended.
(P.A. 80-84.)