Bill > HB1111

This bill modifies the requirements for obtaining an agricultural processor's lien, which is a legal claim a person has on crops they have processed for payment. Specifically, it clarifies that to perfect this lien, a financing statement must be filed with the secretary of state within sixty days of completing the processing, and this statement must include detailed information about the parties involved, the service performed, the amount owed, and the agricultural product covered. The bill also introduces new provisions requiring the processor to notify a buyer or consignee if the debt for processing remains unpaid when the agricultural product is sold or transferred before the lien is perfected, and it outlines conditions under which a lien might not attach if the product is sold with the lienholder's consent and proper notification. Furthermore, it establishes that such liens have priority over other claims if filed correctly and must be enforced within sixty days of filing the financing statement, otherwise the lien is terminated.

Agriculture and Natural Resources

https://sdlegislature.gov/#/Session/Bill/26560