4-7-10 - Statements of sale -- Settlement statements -- Time for payment specified if no other time agreed -- Livestock purchases.
4-7-10. Statements of sale -- Settlement statements -- Time for payment specified ifno other time agreed -- Livestock purchases.
(1) In addition to the requirements of Section 4-7-9, if requested by the consignor, adealer shall transmit or deliver a written statement of sale to the consignor before the close of thenext business day following the sale of the consignor's products. The statement shall show:
(a) the date of sale;
(b) the quantity sold; and
(c) the sales price.
(2) The dealer, within 10 days after payment for any consigned product of agriculture,unless otherwise agreed in writing, shall also remit the proceeds of the sale in full to theconsignor less any agreed compensation and other agreed charges together with a settlementstatement, which need not list the names and addresses of purchasers, except as required bySection 4-7-9.
(3) If no time for payment is specified in the contract of sale or consignment, payment isdue within 30 days after the dealer takes possession or delivery of any product of agriculture.
(4) Subsections (1) through (3) do not apply to the sale of livestock. Livestock purchasesare to be paid for as provided in the Packers and Stockyards Act, 1921, 7 U.S.C. Sec. 181, et seq.
Amended by Chapter 41, 1995 General Session