(a) An owner's lien expires one (1) year after the last day of the month following the date the sales price from the sale of livestock subject to the lien is required by law or contract to be paid to the livestock owner but only as to the particular livestock sold during the month unless an action to enforce the owner's lien is commenced in a court of competent jurisdiction during that time.

(b) If a sales agent advances the sales price for livestock to the livestock owner before the first purchaser pays the sales price in full to the livestock owner or sales agent, the sales agent shall assume and may enforce all rights of the livestock owner under this subchapter as to the livestock or the proceeds from the sale of the livestock.

(c) (1) In addition to any other court of competent jurisdiction, an action to enforce an owner's lien may be commenced in the district court of the county in which the:

(A) Agreement to sell is executed;

(B) Sales price is to be paid;

(C) The livestock that have not been paid for are located; or

(D) Proceeds may be found.

(2) The commencement of one (1) or more of the following proceedings by or against a person claiming an interest in property subject to an owner's lien tolls the one-year period in which to commence an action to enforce the owner's lien under subsection (a) of this section for an additional period of ninety (90) days from the earlier of the final conclusion or dismissal of the proceedings or the date final relief is obtained from the applicable tribunal authorizing the commencement of the action:

(A) An action seeking to adjudicate the person as bankrupt or insolvent;

(B) An action seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of the person or the person's debts under any law relating to bankruptcy, insolvency, or reorganization or relief of debtors; or

(C) An action seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for the person or for a substantial part of the person's property.

(d) The prevailing party in an action to enforce this subchapter may recover costs and reasonable attorney's fees in any legal proceeding.

(e) This subchapter does not impair or affect the right of a livestock owner or a sales agent to maintain a personal action to recover the debt against a person liable for payment of the sales price or to exercise any other available rights and remedies.