Montana Title 80. Agriculture § 80-4-419. Bankruptcy as grounds for cancellation

Current as of January 01, 2024 | Updated by Findlaw Staff

(1) If a commodity dealer files for bankruptcy, a contract or any part of a contract for delivery of a commodity may be canceled without penalty to the producer if the cancellation involves only the remaining unperformed portions of the contract. A cancellation under this section:

(a) is not a breach of contract;

(b) is allowed even if not explicitly provided for in the contract.

(2) In the event of a cancellation, a commodity dealer remains responsible for payment that is due to the producer for delivered portions of the contract.

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Cite this article: FindLaw.com - Montana Title 80. Agriculture § 80-4-419. Bankruptcy as grounds for cancellation - last updated January 01, 2024 | https://codes.findlaw.com/mt/title-80-agriculture/mt-st-80-4-419/

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