Delaware Code Title 3 Sec. 8543 – Title to products sold by stockholders and patrons to association
If stockholders and patrons contract a sale to an association, it shall be conclusively held that title to the products passes absolutely and unreservedly to the association at the time of delivery out of the possession of the stockholder or patron, or at any other time, expressly and definitely agreed in the contract. The contract may provide that the association may sell or resell the products delivered by its stockholders and other patrons, with or without taking title thereto, and pay over to its stockholders and patrons the resale price, after deducting all necessary overhead and other costs and expenses, interest, dividends on the preferred and common stock, and other proper reserves.
41 Del. Laws, c. 132, § ?10; 3 Del. C. 1953, § ?8543;
Terms Used In Delaware Code Title 3 Sec. 8543
- Association: means a corporation formed under this chapter. See Delaware Code Title 3 Sec. 8501
- Contract: A legal written agreement that becomes binding when signed.
- Patron: means a person engaged in agriculture whose products are sold by or supplies purchased through the association, or who has executed a contract with the association to sell all or a part of the patron's agricultural products to or through the association. See Delaware Code Title 3 Sec. 8501