Texas Agriculture Code 148.022 – Time and Method of Payment for Purchases
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(a) Except as otherwise provided by this section or by agreement, a meat processor, or any other person, who purchases cattle, sheep, goats, or hogs for slaughter shall make payment for the livestock by:
(1) cash or check for the purchase price actually delivered to the seller or the seller’s representative at the location where the purchaser takes physical possession of the livestock and on the day of the transaction; or
(2) wire transfer of funds on the business day on which possession of the livestock is transferred.
(b) If transfer of possession of the livestock is accomplished after normal banking hours, the purchaser shall make payment no later than the close of the first business day following the transfer of possession.
Terms Used In Texas Agriculture Code 148.022
- Livestock: means cattle, horses, mules, asses, sheep, goats, llamas, alpacas, exotic livestock, including elk and elk hybrids, and hogs, unless otherwise defined. See Texas Agriculture Code 1.003
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(c) If the livestock is purchased on the basis of grade and yield, the purchaser shall make payment by wire transfer of funds no later than the close of the first business day following determination of the grade and yield.