Section 10.15.250. Effect of recording contract; subsequent interests and liens.

Latest version.

Recording under AS 10.15.230  -  10.15.260 operates as a constructive notice to all persons of the existence and contents of the contract.  Any right, title, interest, or lien created as to the products covered by the contract subsequent to the  recording is subject to the cooperative's right, title, or interest under the contract.  If the member creates a mortgage upon any products subsequent to the recording of the contract, and if the member and the mortgagee jointly notify the cooperative in writing of the existence and amount of the mortgage, all payments from the cooperative to the member which become due after the notice by reason of the cooperative's sale or other handling of the products shall be paid to the mortgagee until the amount of the mortgage has been paid, and the balance thereafter shall be paid to the member.

Notes

History

(Sec. 30(3) ch 107 SLA 1959)

                    
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