52-1320 Buyer subject to security interest; when; waiver or release. - Nebraska Statutes

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Statutes > Nebraska > Chapter52 > 52-1320

52-1320. Buyer subject to security interest; when; waiver or release.(1) A buyer in the ordinary course of business buying farm products covered by the central filing system shall take subject to the security interest identified under such system, except that a registrant or a buyer in the ordinary course of business making an inquiry under section 52-1316 shall not take subject to the security interest if the central filing system does not correctly identify the debtor.(2) A buyer in the ordinary course of business buying farm products covered by an effective financing statement takes free of any security interest on such products if such buyer secures a waiver or release of the security interest specified in such effective financing statement from the secured party. If a buyer in the ordinary course of business buying farm products covered by the central filing system tenders to the seller the total purchase price by means of a check or other instrument payable to such seller and each security interest holder of the seller identified in the central filing system for such products and if such security interest holder authorizes the negotiation of such check or other instrument, such authorization or endorsement and payment thereof shall constitute a waiver or release of the security interest specified to the extent of the amount of the instrument. Such waiver or release of the security interest shall not serve to establish or alter in any way security interest or lien priorities under Nebraska law. SourceLaws 1986, Third Spec. Sess., LB 1, § 20.

State Codes and Statutes

Statutes > Nebraska > Chapter52 > 52-1320

52-1320. Buyer subject to security interest; when; waiver or release.(1) A buyer in the ordinary course of business buying farm products covered by the central filing system shall take subject to the security interest identified under such system, except that a registrant or a buyer in the ordinary course of business making an inquiry under section 52-1316 shall not take subject to the security interest if the central filing system does not correctly identify the debtor.(2) A buyer in the ordinary course of business buying farm products covered by an effective financing statement takes free of any security interest on such products if such buyer secures a waiver or release of the security interest specified in such effective financing statement from the secured party. If a buyer in the ordinary course of business buying farm products covered by the central filing system tenders to the seller the total purchase price by means of a check or other instrument payable to such seller and each security interest holder of the seller identified in the central filing system for such products and if such security interest holder authorizes the negotiation of such check or other instrument, such authorization or endorsement and payment thereof shall constitute a waiver or release of the security interest specified to the extent of the amount of the instrument. Such waiver or release of the security interest shall not serve to establish or alter in any way security interest or lien priorities under Nebraska law. SourceLaws 1986, Third Spec. Sess., LB 1, § 20.

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State Codes and Statutes

Statutes > Nebraska > Chapter52 > 52-1320

52-1320. Buyer subject to security interest; when; waiver or release.(1) A buyer in the ordinary course of business buying farm products covered by the central filing system shall take subject to the security interest identified under such system, except that a registrant or a buyer in the ordinary course of business making an inquiry under section 52-1316 shall not take subject to the security interest if the central filing system does not correctly identify the debtor.(2) A buyer in the ordinary course of business buying farm products covered by an effective financing statement takes free of any security interest on such products if such buyer secures a waiver or release of the security interest specified in such effective financing statement from the secured party. If a buyer in the ordinary course of business buying farm products covered by the central filing system tenders to the seller the total purchase price by means of a check or other instrument payable to such seller and each security interest holder of the seller identified in the central filing system for such products and if such security interest holder authorizes the negotiation of such check or other instrument, such authorization or endorsement and payment thereof shall constitute a waiver or release of the security interest specified to the extent of the amount of the instrument. Such waiver or release of the security interest shall not serve to establish or alter in any way security interest or lien priorities under Nebraska law. SourceLaws 1986, Third Spec. Sess., LB 1, § 20.