Kentucky Statutes 272A.7-020 – Marketing contracts — Title and enforcement
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(1) If a marketing contract provides for the sale of products, commodities, or goods to a limited cooperative association, the sale transfers title to the association upon delivery or at any other specific time expressly provided by the contract.
(2) A marketing contract may:
(a) Authorize a limited cooperative association to create an enforceable security interest in the products, commodities, or goods delivered; and
(b) Allow the association to sell the products, commodities, or goods delivered and pay the sales price on a pooled or other basis after deducting selling costs, processing costs, overhead, expenses, and other charges.
(3) Some or all of the provisions of a marketing contract between a patron member and a limited cooperative association may be contained in the organic rules.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 51, effective July 12, 2012.
(2) A marketing contract may:
Terms Used In Kentucky Statutes 272A.7-020
- Contract: A legal written agreement that becomes binding when signed.
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- marketing contract: means a contract between a limited cooperative association and another person that need not be a patron member:
(1) Requiring the other person to sell, or deliver for sale or marketing on the person's behalf, a specified part of the person's products, commodities, or goods exclusively to or through the association or any facilities furnished by the association. See Kentucky Statutes 272A.7-010 - Member: means a person that is admitted as a patron member or investor member, or both, in a limited cooperative association. See Kentucky Statutes 272A.1-020
(a) Authorize a limited cooperative association to create an enforceable security interest in the products, commodities, or goods delivered; and
(b) Allow the association to sell the products, commodities, or goods delivered and pay the sales price on a pooled or other basis after deducting selling costs, processing costs, overhead, expenses, and other charges.
(3) Some or all of the provisions of a marketing contract between a patron member and a limited cooperative association may be contained in the organic rules.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 51, effective July 12, 2012.