No livestock owner shall be required, as a condition or term of an agreement to sell or otherwise, to waive, relinquish or release any owner’s lien or any rights under this act other than upon payment in full of the sales price or agree to any provision that would apply the law of any state other than this state insofar as the same relates to rights under this act, and any such purported waiver, relinquishment, release, or provision shall be void as a matter of the public policy of this state. Provided, however, any livestock owner or sales agent acting on behalf of a livestock owner, may waive, relinquish or release any owner’s lien or any rights under this act or agree to a provision that would apply the law of any state other than this state insofar as the same relates to rights under this act provided the first purchaser either:

1. Posts a letter of credit in form and amount satisfactory to the livestock owner or sales agent; or

2. Agrees to a binding contractual arrangement satisfactory in form and substance to the livestock owner or sales agent to prepay or escrow the sales price under an agreement to sell in form and substance satisfactory to the livestock owner and performs all of the first purchaser’s obligations thereunder.