§ 13334 Fishery Association Business Powers

This law says fishing groups can create or join companies that help with things like storing, selling, or processing fish. They can also use fish as collateral for loans.

Key Takeaways

•Fishing groups can create or join companies to help with fish-related business.
•These companies can store fish and give loans using the fish as collateral.
•Warehouse receipts for stored fish are valid for loans.

Example

A group of fishermen want to store their catch in a warehouse and get a loan using the fish as collateral.

The law allows them to create a company for storing fish and use the stored fish to get a loan from a bank.

An association may organize, form, operate, own, control, have an interest in, own stock of, or be a member of any other corporation or corporations, with or without capital stock and engaged in preserving, drying, processing, canning, packing, storing, handling, shipping, utilizing, manufacturing, marketing, or selling of the fishery products handled by the association, or the by-products thereof. If such corporations are warehousing corporations, they may issue legal warehouse receipts to the association against the commodities delivered by it, or to any other person and such legal warehouse receipts shall be considered as adequate collateral to the extent of the usual and current value of the commodity represented thereby. In case such warehouse is licensed or licensed and bonded under the laws of this State or the United States, its warehouse receipt delivered to the association on commodities of the association or its members, or delivered by the association or its members, shall not be challenged or discriminated against because of ownership or control, wholly or in part, by the association. (Added by Stats. 1953, Ch. 207.)

This law says fishing groups can create or join companies that help with things like storing, selling, or processing fish. They can also use fish as collateral for loans.

Key Takeaways

•Fishing groups can create or join companies to help with fish-related business.
•These companies can store fish and give loans using the fish as collateral.
•Warehouse receipts for stored fish are valid for loans.

Example

A group of fishermen want to store their catch in a warehouse and get a loan using the fish as collateral.

The law allows them to create a company for storing fish and use the stored fish to get a loan from a bank.

Key Takeaways

Example

Key Terms

References

§ 13334 Fishery Association Business Powers

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References