A first purchaser who purchases soybeans in accordance with a contract or otherwise with the intent of utilizing the soybeans for seed stock shall be responsible for remitting the assessment due on the soybeans as required by KRS § 247.570. The assessment shall be collected from the producer at the time of final settlement for the soybeans. The assessment on soybeans marketed for use as seed stock shall be based upon the percentage specified in KRS § 247.552, multiplied by the posted county price for soybeans on the day of settlement as posted at the local Farm Service Agency office for the county in which the first purchaser is located. No assessment shall be collected unless the assessment in KRS § 247.552 is in force.
Effective: July 12, 2006

Terms Used In Kentucky Statutes 247.553

  • Contract: A legal written agreement that becomes binding when signed.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

History: Amended 2006 Ky. Acts ch. 88, sec. 4, effective July 12, 2006. — Created
1992 Ky. Acts ch. 45, sec. 3, effective July 14,1992.

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