Source: https://uscode.house.gov/view.xhtml?req=(title:7%20section:1631%20edition:prelim)%20OR%20(granuleid:USC-prelim-title7-section1631)&f=treesort&edition=prelim&num=0&jumpTo=true
Timestamp: 2020-02-17 03:09:08
Document Index: 695353324

Matched Legal Cases: ['§ 1631', '§1324', '§662', '§10604', '§776', '§14215', '§4', '§14215', '§14215', '§14215', '§776', '§10604', '§662']

[USC02] 7 USC 1631: Protection for purchasers of farm products
<< Previous TITLE 7 / CHAPTER 38 / SUBCHAPTER I / § 1631 Next >>
7 USC 1631: Protection for purchasers of farm products Text contains those laws in effect on February 15, 2020
(2) The term "central filing system" means a system for filing effective financing statements or notice of such financing statements on a statewide basis and which has been certified by the Secretary of the United States Department of Agriculture; the Secretary shall certify such system if the system complies with the requirements of this section; specifically under such system-
(C) the Secretary of State compiles all such statements into a master list-
(ii) arranged within each such product-
(D) the Secretary of State maintains a list of all buyers of farm products, commission merchants, and selling agents who register with the Secretary of State, on a form indicating-
(E) the Secretary of State distributes regularly as prescribed by the State to each buyer, commission merchant, and selling agent on the list described in subparagraph (D) a copy in written or printed form of those portions of the master list described in subparagraph (C) that cover the farm products in which such buyer, commission merchant, or selling agent has registered an interest except that-
(ii) if social security or taxpayer identification numbers on the master list are encrypted, the Secretary of State may distribute the master list only-
(I) by compact disc or other electronic media that contains-
(4) The term "effective financing statement" means a statement that-
A buyer of farm products takes subject to a security interest created by the seller if-
(1)(A) within 1 year before the sale of the farm products, the buyer has received from the secured party or the seller written notice of the security interest organized according to farm products that-
(2) in the case of a farm product produced in a State that has established a central filing system-
(3) in the case of a farm product produced in a State that has established a central filing system, the buyer-
(2) A commission merchant or selling agent who sells a farm product for others shall be subject to a security interest created by the seller in such farm product if-
(A) within 1 year before the sale of such farm product the commission merchant or selling agent has received from the secured party or the seller written notice of the security interest; organized according to farm products, that-
(C) in the case of a farm product produced in a State that has established a central filing system-
(D) in the case of a farm product produced in a State that has established a central filing system, the commission merchant or selling agent-
(2) If a security agreement contains a provision described in paragraph (1) and such person engaged in farming operations sells the farm product collateral to a buyer or through a commission merchant or selling agent not included on such list, the person engaged in farming operations shall be subject to paragraph (3) unless the person-
( Pub. L. 99–198, title XIII, §1324, Dec. 23, 1985, 99 Stat. 1535 ; Pub. L. 104–127, title VI, §662, Apr. 4, 1996, 110 Stat. 1107 ; Pub. L. 107–171, title X, §10604, May 13, 2002, 116 Stat. 512 ; Pub. L. 108–447, div. A, title VII, §776, Dec. 8, 2004, 118 Stat. 2849 ; Pub. L. 110–234, title XIV, §14215, May 22, 2008, 122 Stat. 1466 ; Pub. L. 110–246, §4(a), title XIV, §14215, June 18, 2008, 122 Stat. 1664 , 2228.)
2008-Subsec. (c)(2)(C)(ii)(II). Pub. L. 110–246, §14215(1), inserted ", except that the numerical list containing social security or taxpayer identification numbers may be encrypted for security purposes if the Secretary of State provides a method by which an effective search of the encrypted numbers may be conducted to determine whether the farm product at issue is subject to 1 or more liens" after "such debtors".
Subsec. (c)(2)(E). Pub. L. 110–246, §14215(2), substituted "subparagraph (C)" for "paragraph (C)", inserted "except that-" after "an interest", and added cls. (i) and (ii) before semicolon at end.
2004-Subsec. (c)(2)(C)(ii)(II), (4)(C)(iii). Pub. L. 108–447, §776(1)(A), (B), inserted ", or other approved unique identifier," after "social security number" and "identification number".
2002-Subsec. (c)(4)(B). Pub. L. 107–171, §10604(a)(1), substituted "signed, authorized, or otherwise authenticated by the debtor," for "signed".
1996-Subsec. (c)(4)(A). Pub. L. 104–127, §662(1), substituted "of the statement, or, in the case of a State which (under the applicable State law provisions of the Uniform Commercial Code) allows the electronic filing of financing statements without the signature of the debtor, is an electronically reproduced copy of the statement" for "thereof".