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United States — Texas Code

United States — Texas legislation

Agriculture Code § 147.004

A commission merchant must remit consignment sale proceeds within 48 hours after the sale, or deposit them in a bank if the person requests it.

livestock salessale proceeds remittance
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United States — Texas
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“A commission merchant must remit consignment sale proceeds within 48 hours after the sale, or deposit them in a bank if the person requests it.”

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Agriculture Code § 147.004

A commission merchant must remit consignment sale proceeds within 48 hours after the sale, or deposit them in a bank if the person requests it.

Section 147.004

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§ 147.004Agriculture Code § 147.004Provision

A commission merchant must remit consignment sale proceeds within 48 hours after the sale, or deposit them in a bank if the person requests it.

Sec. 147.004. REMITTANCE OF SALE PROCEEDS. (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. Acts 1981, 67th Leg., p. 1379, ch. 388, Sec. 1, eff. Sept. 1, 1981.
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