§25‑9‑103.1. Production‑money crops; production‑moneyobligation; production‑money security interest; burden of establishing.
(a) Production‑moneycrops. A security interest in crops is a production‑money securityinterest to the extent that the crops are production‑money crops.
(b) Production‑moneyobligation. If the extent to which a security interest is a production‑moneysecurity interest depends on the application of a payment to a particularobligation, the payment must be applied:
(1) In accordance withany reasonable method of application to which the parties agree;
(2) In the absence ofthe parties' agreement to a reasonable method, in accordance with any intentionof the obligor manifested at or before the time of payment; or
(3) In the absence of anagreement to a reasonable method and a timely manifestation of the obligor'sintention, in the following order:
a. To obligations thatare not secured; and
b. If more than oneobligation is secured, to obligations secured by production‑money securityinterests in the order in which those obligations were incurred.
(c) Production‑moneysecurity interest. A production‑money security interest does not loseits status as such, even if:
(1) The production‑moneycrops also secure an obligation that is not a production‑moneyobligation;
(2) Collateral that isnot production‑money crops also secures the production‑moneyobligation; or
(3) The production‑moneyobligation has been renewed, refinanced, or restructured.
(d) Burden of proof. A secured party claiming a production‑money security interest has theburden of establishing the extent to which the security interest is aproduction‑money security interest. (1866‑7, c. 1, s. 1;1872‑3, c. 133, s. 1; Code, s. 1799; 1893, c. 9; Rev., s. 2052; C.S., s.2480; 1925, c. 302, s. 1; 1927, c. 22; 1935, c. 205; 1945, c. 196, s. 4; 1955,c. 816; 1957, c. 999; 1965, c. 700, s. 1; 1967, c. 24, s. 13; 1975, c. 862, s.7; 1979, c. 404, s. 2; 1989 (Reg. Sess., 1990), c. 1024, s. 8(o); 1997‑181,ss. 15, 16; 1997‑336, s. 1; 1997‑456, s. 5; 2000‑169, s. 1.)
§25‑9‑103.1. Production‑money crops; production‑moneyobligation; production‑money security interest; burden of establishing.
(a) Production‑moneycrops. A security interest in crops is a production‑money securityinterest to the extent that the crops are production‑money crops.
(b) Production‑moneyobligation. If the extent to which a security interest is a production‑moneysecurity interest depends on the application of a payment to a particularobligation, the payment must be applied:
(1) In accordance withany reasonable method of application to which the parties agree;
(2) In the absence ofthe parties' agreement to a reasonable method, in accordance with any intentionof the obligor manifested at or before the time of payment; or
(3) In the absence of anagreement to a reasonable method and a timely manifestation of the obligor'sintention, in the following order:
a. To obligations thatare not secured; and
b. If more than oneobligation is secured, to obligations secured by production‑money securityinterests in the order in which those obligations were incurred.
(c) Production‑moneysecurity interest. A production‑money security interest does not loseits status as such, even if:
(1) The production‑moneycrops also secure an obligation that is not a production‑moneyobligation;
(2) Collateral that isnot production‑money crops also secures the production‑moneyobligation; or
(3) The production‑moneyobligation has been renewed, refinanced, or restructured.
(d) Burden of proof. A secured party claiming a production‑money security interest has theburden of establishing the extent to which the security interest is aproduction‑money security interest. (1866‑7, c. 1, s. 1;1872‑3, c. 133, s. 1; Code, s. 1799; 1893, c. 9; Rev., s. 2052; C.S., s.2480; 1925, c. 302, s. 1; 1927, c. 22; 1935, c. 205; 1945, c. 196, s. 4; 1955,c. 816; 1957, c. 999; 1965, c. 700, s. 1; 1967, c. 24, s. 13; 1975, c. 862, s.7; 1979, c. 404, s. 2; 1989 (Reg. Sess., 1990), c. 1024, s. 8(o); 1997‑181,ss. 15, 16; 1997‑336, s. 1; 1997‑456, s. 5; 2000‑169, s. 1.)
§25‑9‑103.1. Production‑money crops; production‑moneyobligation; production‑money security interest; burden of establishing.
(a) Production‑moneycrops. A security interest in crops is a production‑money securityinterest to the extent that the crops are production‑money crops.
(b) Production‑moneyobligation. If the extent to which a security interest is a production‑moneysecurity interest depends on the application of a payment to a particularobligation, the payment must be applied:
(1) In accordance withany reasonable method of application to which the parties agree;
(2) In the absence ofthe parties' agreement to a reasonable method, in accordance with any intentionof the obligor manifested at or before the time of payment; or
(3) In the absence of anagreement to a reasonable method and a timely manifestation of the obligor'sintention, in the following order:
a. To obligations thatare not secured; and
b. If more than oneobligation is secured, to obligations secured by production‑money securityinterests in the order in which those obligations were incurred.
(c) Production‑moneysecurity interest. A production‑money security interest does not loseits status as such, even if:
(1) The production‑moneycrops also secure an obligation that is not a production‑moneyobligation;
(2) Collateral that isnot production‑money crops also secures the production‑moneyobligation; or
(3) The production‑moneyobligation has been renewed, refinanced, or restructured.
(d) Burden of proof. A secured party claiming a production‑money security interest has theburden of establishing the extent to which the security interest is aproduction‑money security interest. (1866‑7, c. 1, s. 1;1872‑3, c. 133, s. 1; Code, s. 1799; 1893, c. 9; Rev., s. 2052; C.S., s.2480; 1925, c. 302, s. 1; 1927, c. 22; 1935, c. 205; 1945, c. 196, s. 4; 1955,c. 816; 1957, c. 999; 1965, c. 700, s. 1; 1967, c. 24, s. 13; 1975, c. 862, s.7; 1979, c. 404, s. 2; 1989 (Reg. Sess., 1990), c. 1024, s. 8(o); 1997‑181,ss. 15, 16; 1997‑336, s. 1; 1997‑456, s. 5; 2000‑169, s. 1.)
