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31B.04 PROMPT PAYMENT FOR PURCHASE OF LIVESTOCK.
    Subdivision 1. Kind of payment; time required. A packer, market agency, or dealer
purchasing livestock shall, before the close of the next business day following the purchase of
livestock and transfer of its possession, deliver to the seller or the seller's authorized representative
the full amount of the purchase price. If a packer, market agency, or dealer is purchasing livestock
for slaughter, that person shall, before the close of the next business day following purchase of
livestock and transfer of its possession, actually deliver at the point of transfer of possession to the
seller or the seller's authorized representative a check or shall wire transfer funds to the seller's
account for the full amount of the purchase price; or, in the case of a purchase on a carcass or
"grade and yield" basis, the purchaser shall make payment by check at the point of transfer of
possession or shall wire transfer funds to the seller's account for the full amount of the purchase
price not later than the close of the first business day following determination of the purchase
price. If the seller or a duly authorized representative is not present to receive payment at the
point of transfer of possession, the packer, market agency, or dealer shall wire funds or place a
check in the United States mail for the full amount of the purchase price properly addressed
to the seller within the time limits specified in this section, and that action complies with the
requirement for prompt payment.
    Subd. 2. Waiver. Notwithstanding subdivision 1 and subject to terms and conditions the
commissioner may prescribe, the parties to the purchase and sale of livestock may expressly agree
in writing, before the purchase or sale, to effect payment in a manner other than that required in
subdivision 1. The agreement must be disclosed in the records of the market agency or dealer
selling the livestock, and in the purchaser's records and on the accounts or other documents issued
by the purchaser relating to the transaction.
    Subd. 3. Delay in payment or attempt to delay. Any delay or attempt to delay by a market
agency, dealer, or packer purchasing livestock, the collection of funds under this section, or
otherwise for the purpose of or resulting in extending the normal period of payment for the
livestock is an "unfair practice" in violation of this chapter.
History: 1990 c 530 s 23