(1) Except as provided by subsection (2) of this section, a milk processor shall hold in trust all payments received from the sale of milk or milk products for the benefit of the dairy farmer from whom the milk was purchased until the dairy farmer has received full payment of the purchase price for the milk.
(2) A milk processor shall not be required to maintain the payments in trust when: Payment of the purchase price is not received and the dairy farmer does not give written notice to the milk processor by the end of the thirtieth day after the final date for payment of the purchase price as specified by Section 75-31-507; or
(3) A payment instrument received by dairy farmer is dishonored, and the dairy farmer does not give written notice to the milk processor, by the end of the fifteenth business day after the date that the notice of dishonor was received.