82-2-421. Time for payment for ores. (1) A person, association, company, or corporation engaged within this state in purchasing ore, minerals, or metals from or in smelting, milling, or otherwise reducing or preparing the same for market for any other person or persons, association, company, or corporation shall, within 20 days after any ore, minerals, or metals have arrived at the person's or entity's smelter, mill, reduction works, yards, or other place for receiving ore, minerals, or metals, make full settlement with and payment of the amount due to the consignor or consignors unless restrained or prevented from making the settlement and payment by an order, writ, or process of a court of competent jurisdiction.

(2) The provisions of this section are not applicable to any ore, minerals, or metals received pursuant to an existing written contract at the time of shipment between the consignor or consignors and the person, association, company, or corporation receiving the same when the time for settlement and payment is provided for in the contract.