Okla. Stat. tit. 2, § 2-9-134.1
This is the official text of Okla. Stat. tit. 2, § 2-9-134.1, part of Oklahoma’s Stat. tit. 2, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 2,." Browse the sections below, each linked to its official government source.
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Custodial account defaults - Board taking possession of
Official statutory text
assets - Distribution.
A. Upon the suspension or revocation of any livestock auction
market license as a result of a custodial account default, the Board
shall have the authority to take possession of any and all assets
which belong to the custodial account for shippers' proceeds,
including, but not limited to, custodial account checking or savings
accounts, custodial account certificates of deposit, receivables and
livestock for which the custodial account has not been reimbursed or
any other assets which belong to the custodial account as determined
by the Board.
B. Assets taken into possession shall be limited to custodial
account assets as determined by the State Board of Agriculture. All
funds collected from custodial account assets shall be placed in an
account of the Department of Agriculture specifically designated as
a shippers' proceeds trust fund.
C. The Board shall have the authority to receive, deposit and
administer all proceeds belonging to the custodial account for
Oklahoma Statutes - Title 2. Agriculture Page 450
shippers' proceeds of any livestock auction market whose license has
been suspended or revoked.
D. Upon taking possession of any such assets specified by this
section, the Board shall distribute the assets as follows:
1. The Board shall receive an amount equal to the cost incurred
by the Board in handling and maintenance of the trust fund of
shippers' proceeds, including cost of hauling, yardage, watering,
feeding, commissions and other costs in the marketing or handling of
any livestock taken into possession; and
2. All remaining funds shall be proportioned among all persons
submitting valid claims as determined by the Board.
A. Upon the suspension or revocation of any livestock auction
market license as a result of a custodial account default, the Board
shall have the authority to take possession of any and all assets
which belong to the custodial account for shippers' proceeds,
including, but not limited to, custodial account checking or savings
accounts, custodial account certificates of deposit, receivables and
livestock for which the custodial account has not been reimbursed or
any other assets which belong to the custodial account as determined
by the Board.
B. Assets taken into possession shall be limited to custodial
account assets as determined by the State Board of Agriculture. All
funds collected from custodial account assets shall be placed in an
account of the Department of Agriculture specifically designated as
a shippers' proceeds trust fund.
C. The Board shall have the authority to receive, deposit and
administer all proceeds belonging to the custodial account for
Oklahoma Statutes - Title 2. Agriculture Page 450
shippers' proceeds of any livestock auction market whose license has
been suspended or revoked.
D. Upon taking possession of any such assets specified by this
section, the Board shall distribute the assets as follows:
1. The Board shall receive an amount equal to the cost incurred
by the Board in handling and maintenance of the trust fund of
shippers' proceeds, including cost of hauling, yardage, watering,
feeding, commissions and other costs in the marketing or handling of
any livestock taken into possession; and
2. All remaining funds shall be proportioned among all persons
submitting valid claims as determined by the Board.
Status: in_force · Read it on the official government site
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