North Carolina General Statutes 106-418.6. Action upon failure of payment
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Terms Used In North Carolina General Statutes 106-418.6
- Commissioner: means the Commissioner of Agriculture of North Carolina or his designated agent or agents. See North Carolina General Statutes 106-418.3
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Public livestock market: means livestock sales at a market duly licensed under N. See North Carolina General Statutes 106-418.3
It shall be the duty and responsibility of each public livestock market to report to the Commissioner within 24 hours after having knowledge that a check or draft issued in payment for livestock has been dishonored or that a buyer of livestock at auction has not fulfilled his obligation to pay for livestock within the prescribed time in N.C. Gen. Stat. § 106-418.5 It shall be the duty and responsibility of the Commissioner to notify all public livestock markets of the fact of dishonor of any such check issued or the failure to honor any draft upon presentation used in payment for livestock or due to the lack of satisfactory payment for livestock. (1973, c. 38, s. 6.)