Louisiana Revised Statutes 3:3414.4 – A. Any cotton merchant or cotton agent who purchases cotton from a producer shall pay the producer for the cotton within ten working days after the day the cotton is delivered, or pu
Terms Used In Louisiana Revised Statutes 3:3414.4
- Commission: means the Louisiana Agricultural Commodities Commission. See Louisiana Revised Statutes 3:3402
- Contract: A legal written agreement that becomes binding when signed.
- Cotton agent: means every person, firm, corporation, association, or other legal entity who purchases or contracts to purchase cotton grown or to be grown by producers in this state for or on behalf of a cotton merchant and who is required to be a party to a notarized written agency agreement. See Louisiana Revised Statutes 3:3402
- Cotton merchant: means every person, firm, corporation, association, or other legal entity who purchases or contracts to purchase, either directly or through a cotton agent, cotton grown or to be grown by producers in this state. See Louisiana Revised Statutes 3:3402
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Producer: means the owner, tenant, lessee, or operator of land within this state who has an interest in or receives all or any part of the proceeds from the sale of agricultural commodities produced thereon. See Louisiana Revised Statutes 3:3402
- Security: means any financial instrument or document issued for the benefit of or given to the commission by a licensee, or participation in any self-insurance fund program authorized by this Chapter as assurance for the fulfillment of the obligations imposed on the licensee by applicable law or regulations. See Louisiana Revised Statutes 3:3402
- Venue: The geographical location in which a case is tried.
A. Any cotton merchant or cotton agent who purchases cotton from a producer shall pay the producer for the cotton within ten working days after the day the cotton is delivered, or pursuant to the contract of sale.
B. Any producer from whom cotton was purchased or contracted to be purchased and to whom money is due for cotton sold for future delivery as a result of the nonperformance of the cotton merchant or cotton agent shall be entitled to submit a claim on the security to the commission pursuant to its administrative procedures. Limitation of liability as to the security shall not restrict suits against the cotton merchant or cotton agent for losses incurred in excess of the amount of the security. Suit may be brought in any parish where the crop or any part thereof was grown or any other venue authorized by law. Upon suits being filed in excess of the amount of the bond or alternate security, the commission may require new security in an amount sufficient to secure the aggregate amount of such suits, and if such additional security is not given within thirty days of demand therefor, the commission may cancel the license of the cotton merchant. In the case of the insolvency of a cotton merchant, any cotton producer or cotton landowner having contracts for future delivery shall be entitled to submit a claim on the security to the commission pursuant to its administrative procedures and participate in the recovery on the security to the extent of his pro rata losses under his contract.
C. Should the security proceeds recovered be insufficient to satisfy all claims in full, any producer who has received only partial satisfaction shall retain all other rights possessed under the law without prejudice.
D. The commission may bring an action on the security in any court of competent jurisdiction.
Acts 1997, No. 1034, §1; Acts 2010, No. 767, §1, eff. June 30, 2010; Acts 2015, No. 430, §1.