RSA 439:2 · Protection for Buyers of Farm Products

439:2 Protection for Buyers of Farm Products. –

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I.

A secured party may enforce a security interest in farm products against a buyer who, in the ordinary course of business, purchases farm products from, or a commission merchant or selling agent who, in the ordinary course of business, sells farm products for a person engaged in farming operations only where the buyer, commission merchant or selling agent has received from the secured party or seller written notice of the security interest which complies with the requirements of Section 1324 of the Food Security Act of 1985, as amended, or where the secured party has signed and filed with the secretary of state a form containing the following information:

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(a)

The name and address of the borrower.

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(b)

The borrower's signature.

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(c)

The name and address of the secured party.

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(d)

The social security number of the borrower, or in the case of a borrower doing business other than as an individual, the borrower's Internal Revenue Service taxpayer identification number.

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(e)

A description of the farm products subject to the security interest, including the amount of such products, where applicable.

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(f)

A reasonable description of the real estate, including the name of the county, where the farm products are located.

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II.

The form described in paragraph I shall be amended in writing, and similarly signed and filed, to reflect material changes within 3 months of such changes. The effectiveness and continuation or amendment of the form is to be treated as if it were a financing statement filed under RSA 382-A:9. The fee for filing and indexing the form described in paragraph I, or any continuation or amendment thereof, shall be in accordance with RSA 478:17-g. Source. 2001, 102:32, eff. July 1, 2001.

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