Texas Agriculture Code

§ 147.004 — REMITTANCE OF SALE PROCEEDS

AG § 147.004Title 6. PRODUCTION, PROCESSING, AND SALE OF ANIMAL PRODUCTS · Part B. LIVESTOCK · Ch. 147. LIVESTOCK COMMISSION MERCHANTS · Art. A. GENERAL PROVISIONS

Statute text

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(a)Within 48 hours after the sale of consigned livestock, a commission merchant shall:

(1)remit the net proceeds of the sale to each person entitled to receive those proceeds or to another person to whom the person directs that the proceeds be paid; or

(2)if requested by a person, deposit the proceeds due that person to the credit of that person in a state or national bank in the city or county of the commission merchant's principal place of business.

(b)In calculating the time allowed for remittance of proceeds under this section by a livestock commission merchant, Sundays, holidays, and the day of sale are excluded. In calculating the time allowed for remittance of proceeds under this section by a livestock auction commission merchant, Sundays, holidays, and the day of sale are included.

Legislative history

Acts 1981, 67th Leg., p. 1379, ch. 388, Sec. 1, eff. Sept. 1, 1981.