Section 57A-9-609.1 - Action for recovery of security by creditor against third partypurchaser of farm products--Limitation period--Offer to file criminalcomplaint.
57A-9-609.1. Action for recovery of security by creditor against third party purchaser of farm products--Limitation period--Offer to file criminal complaint. No cause of action for recovery of security or its value may be commenced by a secured creditor against an innocent third-party purchaser of farm products as defined in subsection (34) of § 57A-9-102, nor may such a cause of action be commenced against a livestock auction agency, as defined in chapter 40-15 and § 301 of the Packers and Stockyards Act (7 USC 201), or a public grain warehouse, or a public terminal grain warehouse, or a grain dealer as defined by chapters 49-43, 49-44, and 49-45 respectively, unless such action is commenced within twenty-four months from the date the farm products are sold and unless such action is preceded by the secured creditor offering to file against the debtor, a complaint as defined by § 23A-2-1.
Source: SL 2000, ch 231.