80-4-608. Payment of purchase price -- definitions. (1) A person required to be licensed as a commodity dealer shall pay 90% of the purchase price to the owner or the owner's agent for agricultural commodities upon delivery and demand by the owner or agent and the remaining 10% not later than 30 days after delivery by the owner or agent unless otherwise agreed to in writing by the parties. Title to agricultural commodities sold to a commodity dealer under this section transfers to the commodity dealer upon physical delivery of the commodity.
(2) As used in this section, the following definitions apply:
(a) "Delivery" means the transfer by the seller of title to and possession of agricultural commodities to the commodity dealer or to another person in accordance with the agreement between the seller and the commodity dealer.
(b) "Payment" means the actual payment or tender of payment of the agreed purchase price by the commodity dealer to the seller.
History: En. Sec. 54, Ch. 539, L. 1983; amd. Sec. 13, Ch. 452, L. 1993.