[Code of Federal Regulations]
[Title 9, Volume 2]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 9CFR205.212]

[Page 71-72]
 
                  TITLE 9--ANIMALS AND ANIMAL PRODUCTS
 
  CHAPTER II--GRAIN INSPECTION, PACKERS AND STOCKYARDS ADMINISTRATION 
       (PACKERS AND STOCKYARDS PROGRAMS),DEPARTMENT OF AGRICULTURE
 
PART 205--CLEAR TITLE--PROTECTION FOR PURCHASERS OF FARM PRODUCTS--Table of Contents
 
Sec. 205.212  ``Buyer in ordinary course of business'' and ``security interest.''

    The terms ``buyer in ordinary course of business'' and ``security 
interest'' are defined in subsections (c) (1) and (7). There are 
differences between those definitions and the UCC definitions of the 
same terms. In interpreting those differences, the following would be 
pertinent:
    (a) The legislative intent discussed above in Sec. 205.211, to pre-
empt State laws reflecting the ``farm products'' exception; and
    (b) The legislative intent shown in subsections (a) and (b) that 
certain persons take free and clear of certain interests of a ``secured 
lender'' ``when the seller fails to repay the lender,'' unless such 
persons have information about

[[Page 72]]

such interests made available to them as provided in the Section.