No cause of action for recovery of security or its value may be commenced by a secured creditor against an innocent third-party purchaser of farm products as defined in subsection (34) of § 57A-9-102, nor may such a cause of action be commenced against a livestock auction agency, as defined in chapter 40-15 and § 301 of the Packers and Stockyards Act (7 USC 201), or a public grain warehouse, or a public terminal grain warehouse, or a grain dealer as defined by chapters 49-43, 49-44, and 49-45 respectively, unless such action is commenced within twenty-four months from the date the farm products are sold and unless such action is preceded by the secured creditor offering to file against the debtor, a complaint as defined by § 23A-2-1.
S.D. Codified Laws § 57A-9-609.1
Action for recovery of security by creditor against third party purchaser of farm products--Limitation period--Offer to file criminal complaint
Known as the Uniform Commercial Code
The act spans §§ 57A-1-101 to 57A-9-809 (574 sections).
Applied in 3 court decisions — leading case Fin-Ag, Inc. v. Pipestone Livestock Auction Market, Inc. (2008)
Most recently applied in Fin-Ag, Inc. v. Cimpl's, Inc. (June 2008)
Source: SL 2000, ch 231.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.