§ 202C.3 — Surety or issuer — liability

Iowa § 202C.3

• Jurisdiction: Iowa
• Title V: AGRICULTURE
• Ch. 202C: FEEDER PIG DEALERS

Text

1. The purchaser may bring a legal action arising from the breach of a sales agreement
§202C.3, FEEDER PIG DEALERS 2
against the surety on the bond or issuer on the irrevocable letter of credit in the purchaser’s
own name in district court to recover any damages as allowed by law. The purchaser may
also be awarded interest as determined pursuant to section 668.13, beginning from the date
that the sales agreement was executed. The purchaser may also be awarded court costs and
reasonable attorney fees, which shall be taxed as part of the costs of the legal action.
2. The aggregate liability of the surety or issuer due to a breach of a sales agreement shall
not exceed the amount of the evidence of financial responsibility.
3. A legal action brought by a purchaser against the surety on the bond or the issuer of the
irrevocable letter of credit shall be brought not later than one hundred eighty days after the
date that the dealer delivers the feeder pigs to the purchaser pursuant to the sales agreement.