Sec. 128.002. PROCEEDS. (a) For the purposes of this chapter, proceeds are the amounts received by a lien debtor, before a deduction for taxes, fees, or assessments or a deduction made under a court order, from the sale of:
(1) the crop that existed at the time of application on the land of the agricultural chemical sold by the lien claimant or applied, delivered, or prepared by the lien claimant;
(2) the first crop produced on the land after the agricultural chemical sold by the lien claimant or applied, delivered, or prepared by the lien claimant was applied, if crops did not exist on the land at the time the agricultural chemical was applied; or
(3) the crop produced from the agricultural seed supplied by the lien claimant or applied, delivered, or prepared by the lien claimant.
(b) For the purposes of this chapter, the following are not included as proceeds:
(1) amounts due or owing to a cooperative association under Chapter 51 or 52; or
(2) amounts retained by a cooperative association under Chapter 51 or 52.
Added by Acts 1995, 74th Leg., ch. 197, Sec. 1, eff. Sept. 1, 1995.
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