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PACA trust survives e-mail exchange extending payment terms.(Credit Column)
Introduction
The Perishable Agricultural Commodities Act ("PACA") is a federal statute that has created special protections for sellers of perishable agricultural commodities. An unpaid seller of perishable agricultural commodities that satisfies all of the requirements of PACA is the beneficiary of a statutory nonsegregated floating trust in all perishable agricultural commodities sold to the buyer (whether by that supplier or other PACA suppliers) and all products and proceeds derived from the commodities.
The trust impressed in favor of a PACA seller in the buyer's perishable agricultural commodity inventory grants the seller a prior right to the ...
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...is amending the regulations under the Perishable Agricultural Commodities Act (PACA) to ensure that the status of sellers of perishable agricultural commodities as trust creditors is protected when electronic...
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...preference defense for unpaid sellers of perishable agricultural commodities who enjoy the special trust fund protections granted by the Perishable Agricultural Commodities Act ("PACA"). Preferences, reclamation...
Source: HighBeam Research, PACA trust survives e-mail exchange extending payment terms.(Credit...