80-4-419. Bankruptcy as grounds for cancellation. (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.

     History: En. Sec. 1, Ch. 247, L. 2013.