Nebraska Statutes 52-1405. Lender; failure to respond; effect
If a lender does not respond to the supplier within fifteen calendar days after receiving the lien-notification statement:
Terms Used In Nebraska Statutes 52-1405
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lien: A claim against real or personal property in satisfaction of a debt.
(1) If the agricultural production input is feed for livestock, a supplier who furnishes the feed has an agricultural production input lien which has priority over any security interest of the lender for the unpaid retail cost of such feed. Such lien may not exceed the amount, if any, that the sales price of the livestock exceeds the greater of the fair market value of the livestock at the time the lien attaches or the acquisition price of the livestock; or
(2) For all other agricultural production input, a supplier who furnishes such agricultural production input has an agricultural production input lien which has priority over any security interest of the lender in the specified crops or their proceeds for the lesser of:
(a) The amount stated in the lien-notification statement; or
(b) The unpaid retail cost of the agricultural production input identified in the lien-notification statement.