§ 203.12 — Claims — cessation of a license and notice of license revocation

Iowa § 203.12

• Jurisdiction: Iowa
• Title V: AGRICULTURE
• Ch. 203: GRAIN DEALERS

Text

1. Upon the cessation of a grain dealer license by revocation, cancellation, or expiration,
any claim for the purchase price of grain against the grain dealer shall be made in writing
and filed with the grain dealer and with the issuer of a deficiency bond or of an irrevocable
letter of credit and with the department within one hundred twenty days after the date of the
cessation. A failure to make this timely claim relieves the issuer and the grain depositors and
sellers indemnity fund provided in chapter 203D of all obligations to the claimant.
2. Upon the revocation of a grain dealer license, the department shall cause notice of the
revocation to be published once each week for two consecutive weeks in a newspaper of
general circulation within the state of Iowa and in a newspaper of general circulation within
the county of the grain dealer’s principal place of business when that dealer’s principal place
of business is located in the state of Iowa. The notice shall state the name and address of
the grain dealer and the effective date of revocation. The notice shall also state that any
claimsagainstthegraindealershallbemadeinwritingandsentbyordinarymailordelivered
personally within one hundred twenty days after revocation to the grain dealer, to the issuer
of a deficiency bond or of an irrevocable letter of credit, and to the department, and the notice
shallstatethatthefailuretomakeatimelyclaimdoesnotrelievethegraindealerfromliability
to the claimant.

Legislative History

[C79, 81, §542.12]