Section 250-A. Trust upon farm products and sales proceeds for the benefit of producers

1. Farm products received by a dealer in all  transactions  and all inventories of food or other products derived from farm products
  and  any  receivables  or  proceeds from the sale of such farm products,
  food or other products shall be held by such dealer  in  trust  for  the
  benefit of all unpaid producers of such farm products until full payment
  of  the  amounts  owing  in  connection  with such transactions has been
  received by such producers.
    2. To preserve the trust benefit provided by this section, a  producer
  must  within  sixty days from the date by which the dealer was obligated
  by statute, regulation or written  agreement  to  make  payment  to  the
  producer,  give  written  notice  to  the  dealer  that  the producer is
  electing  the  trust  benefit.  The  written  notice  shall  set   forth
  information  in sufficient detail to identify the transaction subject to
  the trust. Notwithstanding any  other  provision  of  this  subdivision,
  nothing  shall  prevent  a  producer  from providing notice of the trust
  benefit election to a dealer prior to the date by which the  dealer  was
  obligated to make payment.
    3. Trust beneficiaries shall have a cause of action to enforce payment
  from  the trust. The supreme court is hereby vested with jurisdiction to
  entertain such actions. A producer who prevails in an action to  enforce
  payment from the trust shall recover from the dealer related costs, fees
  and disbursements and may recover reasonable attorney fees as determined
  by the court.