Iowa § 172A.9 Payment for livestock

Iowa Statutes

§ 172A.9 — Payment for livestock

Iowa § 172A.9

Title VAGRICULTURE

Ch. 172ABONDING OF SLAUGHTERHOUSE OPERATORS

This text of Iowa § 172A.9 (Payment for livestock) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 172A.9 (2026).

Text

1.Each dealer, or broker purchasing livestock, before the close of the next business day following either the purchase of livestock or the determination of the amount of the purchase price, whichever is later, shall transmit or deliver to the seller or the seller’s duly authorized agent the full amount of the purchase price. If livestock is bought on a yield or grade and yield basis, a dealer or broker shall upon the express request in writing of the seller, transmit or deliver to the seller or the seller’s duly authorized agent before the close of the next business day following such purchase or delivery, whichever is later, up to eighty percent of the estimated purchase price, and pay the remaining balance on the next business day following the determination of the purchase price.

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1. Each dealer, or broker purchasing livestock, before the close of the next business
day following either the purchase of livestock or the determination of the amount of the
purchase price, whichever is later, shall transmit or deliver to the seller or the seller’s duly
authorized agent the full amount of the purchase price. If livestock is bought on a yield or
grade and yield basis, a dealer or broker shall upon the express request in writing of the
seller, transmit or deliver to the seller or the seller’s duly authorized agent before the close
of the next business day following such purchase or delivery, whichever is later, up to eighty
percent of the estimated purchase price, and pay the remaining balance on the next business
day following the determination of the purchase price.
2. Paymenttothesellershallbemadebycash,check,orwiretransferoffunds. Ifpayment
to the seller is by check, the check shall be drawn on a bank located in this state or on a bank
located in an adjacent state and in the nearest city to Iowa in which a check processing center
of a federal reserve bank district is located. For the purpose of this subsection, “wire transfer”
means any telephonic, telegraphic, electronic, or similar communication between the bank
of the purchaser and the bank of the seller which results in the transfer of funds or credits of
the purchaser to an account of the seller.
3. Provisions of this section may be modified by an agreement signed by both the buyer
and the seller or their duly authorized agents at the time of the sale. However, such an
agreement shall not be a condition of sale unless expressly requested by the seller.
4. Failure to comply with this section shall be a violation of this chapter.