The Perishable Agricultural Commodities Act (PACA) is a federal statute that creates special protections for sellers of fresh fruits and vegetables. Eligible produce sellers are the beneficiaries of a trust, consisting of all of the buyer's perishable agricultural commodities and all products and proceeds, that has priority over the rights of the buyer's secured and other creditors. The PACA trust applies only to perishable agricultural commodities. The PACA regulations state that an eligible PACA seller's payment terms cannot exceed 30 days after the buyer's receipt and acceptance of the goods. A produce seller waives its PACA protections by entering into a written agreement with the buyer that extends payment by the buyer beyond the maximum 30-day period allowed under PACA. As a resul...
... Under Secretary for Farm and Foreign Agricultural Services. 2.42 - Administrator, Farm Service Agen... related agribusiness facilities; and farm credit and financial assistance. (6) Administer the Emerg...
...CHAPTER VI: FARM CREDIT ADMINISTRATION. SUBCHAPTER B: FARM CREDIT SYSTEM. ...
... loans made pursuant to the Agriculture Credit Act of 1978; the Emergency Agricultural Credit Adj...
...\2\ The Agricultural Credit Act of 1987, Public Law 100-233. (1988), am...
... loans made pursuant to the Agriculture Credit Act of 1978; the Emergency Agricultural Credit Adj...
... Program under the Agricultural Credit Act of 1978, as amended (16 U.S.C. 2201 et seq.). ...
...(1) The person produces an agricultural commodity on a field in which highly erodible land... Market Transition Act, the Commodity Credit Corporation Charter Act (15 U.S.C. 714 et seq.), o...
... delegated to the Administrator, Agricultural Research Service in ? 2.65(a)(80) and the Administ... under sections 401-405 of the Agricultural Credit Act of 1978, 16 U.S.C. 2201-2205, except for the p...
The Perishable Agricultural Commodities Act ("PACA") confers a preferred "superpriority" status upon eligible sellers of fresh produce. PACA has rigorous eligibility requirements. In American Banana Co. v. Republic National Bank, the United States Court of Appeals for the second Circuit held that a seller lost its PACA trust rights because it had entered into a post-default oral forbearance agreement extending the seller's payment terms beyond the maximum 30-day period allowed by PACA. The Second Circuit's decision could discourage many PACA sellers from working with financially troubled buyers. In light of the second Circuit's recent decision, a PACA seller now has to be very careful in responding to a financially distressed buyer's proposal for forbearance of payment of the seller's p...
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