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PACA rights destroyed by oral agreement extending payment terms.(Credit Column)(Perishable Agricultural Commodities Act )
Introduction
The Perishable Agricultural Commodities Act ("PACA") confers a preferred "super-priority" status upon eligible sellers of fresh produce. They are the beneficiaries of a trust, consisting of all of the buyer's perishable agricultural commodity inventory and all products and proceeds, that is superior to the rights of all of the buyer's other creditors, including the buyer's secured lender with a floating security interest in all of the buyer's inventory.
However, PACA has rigorous eligibility requirements. One requirement limits a seller's credit terms to not more than 30 days. A seller that extends longer credit terms loses the benefits of ...
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Source: HighBeam Research, PACA rights destroyed by oral agreement extending payment...