§ 2-6-118 - Receivership -- Sale of processed catfish -- Merchandiser. - Arkansas Statutes

2-6-118. Receivership -- Sale of processed catfish -- Merchandiser.

(a) When the court approves the sale of processed catfish the Director of the State Plant Board shall employ a merchandiser to effect the sale of those commodities.

(b) A person employed as a merchandiser must meet the following requirements:

(1) The person shall be experienced or knowledgeable in the operation of processors registered under this chapter, and if the person has ever held a registration certificate issued under this chapter, the person shall never have had the registration suspended;

(2) The person shall be experienced or knowledgeable in the marketing of aquacultural products;

(3) The person shall not be the holder of a weigh ticket issued by the Class A registrant and shall not have a claim against the Class A registrant, whether as a secured or unsecured creditor, and otherwise shall not have any pecuniary interest in the Class A registrant or the Class A registrant's business.

(c) The merchandiser shall be entitled to reasonable compensation as determined by the director.

(d) A sale of processed catfish shall be made in a commercially reasonable manner and under the supervision of the director.

(e) The director shall have authority to sell the processed catfish, and provisions of the Uniform Commercial Code, 4-1-101 et seq., to the contrary notwithstanding, any processed catfish so sold shall be free of all liens and other encumbrances.