§ 203.8 — Payment

Iowa § 203.8

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

Text

1. a. A grain dealer licensed or required to be licensed pursuant to section 203.3 shall pay
the purchase price to the seller for grain as follows:
(1) Upon delivery or later upon demand by the seller. If the seller does not make a
demand,thegraindealershallpaythepurchasepricenotlaterthanthelastdateforscheduled
payments made by the licensed grain dealer to sellers for delivered grain according to the
grain dealer’s standard business operation as provided by rules adopted by the department.
(2) In accordance with the terms of a credit-sale contract that satisfies the requirements
of this chapter.
b. A grain dealer licensed or required to be licensed pursuant to section 203.3 shall not
hold a check for the purchase of grain more than five days after the grain dealer issues a
check to the seller. After that date, the grain dealer shall deliver the check in person or by
mail to the seller’s last known address. The department shall adopt rules pursuant to chapter
17A for a grain dealer’s payment by check and electronic funds transfer.
2. As used in this section:
a. “Delivery” means the transfer of title to and possession of grain by a seller to a grain
dealer or to another person in accordance with the agreement of the seller and the grain
dealer.
b. “Payment” means the actual payment or tender of payment by a grain dealer to a seller
of the agreed purchase price, or in the case of disputes as to sales of grain, the undisputed
portion of the purchase price without reduction for any separate claim of the grain dealer
against the seller.

Legislative History

[C75, 77, 79, 81, §542.8; 81 Acts, ch 180, §9]