(a) The owner of livestock or any other person claiming an interest in livestock may release its interest in the livestock at any time after the lien has arisen. The release shall be in writing and dated when signed. A copy of the release shall be given to the person releasing the interest at the time the release is signed.
(b) The release shall contain all of the following information in simple, nontechnical language:
(1) A description of the livestock covered by the release and the releasing party’s interest in the livestock;
(2) A statement of the amount of the lien to which the livestock is subject;
(3) A statement that the releasing party has a legal right to a hearing in court prior to any sale of the livestock to satisfy the lien;
(4) A statement by the releasing party that it is giving the lienholder permission to sell the livestock;
(5) A statement of the extent to which the releasing party gives up any interest it may have in the livestock or in the sale proceeds of the livestock; and,
(6) To the extent that the release is not given in full satisfaction of the lienholder’s claim or claims against the releasing party, a statement by the releasing party that it is aware that the lienholder may still have a claim against it after the release has been executed.
(Added by Stats. 1979, Ch. 600.)