Texas Agriculture Code 14A.009 – Cotton Under Lien
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Terms Used In Texas Agriculture Code 14A.009
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
A person who buys, sells, or deals with cotton on which a lien or encumbrance exists is not liable for conversion of the cotton if:
(1) the cotton is stored in a warehouse or is evidenced by a negotiable warehouse receipt issued by a public warehouse operator; and
(2) the person did not have actual knowledge of the lien or encumbrance at the time of the alleged conversion.