§ 203C.39 — Grain stored in another warehouse

Iowa § 203C.39

• Jurisdiction: Iowa
• Title V: AGRICULTURE
• Ch. 203C: WAREHOUSES FOR AGRICULTURAL PRODUCTS

Text

A licensed warehouse operator may store grain in an alternative warehouse located in Iowa
or another state as provided in this section.
1. a. The alternative warehouse located in Iowa must be another licensed warehouse or
a warehouse licensed pursuant to the United States Warehouse Act.
b. The alternative warehouse located in another state must be licensed pursuant to the
applicable laws of the state in which the alternative warehouse is located or the United States
Warehouse Act. A warehouse operator shall not store grain in an alternative warehouse
located in another state, unless approved in writing by the department in a manner required
by the department.
2. In storing grain in an alternative warehouse under subsection 1, all of the following
requirements apply:
a. The warehouse operator must obtain from such warehouse operator a nonnegotiable
warehouse receipt and such receipt must show clearly the following notation:
Held in trust for depositors of (name of original receiving
warehouse).
b. When the licensed warehouse operator begins to use the alternative warehouse, the
licensed warehouse operator must have sufficient net worth under section 203C.6 or provide
a deficiency bond or an irrevocable letter of credit to cover the increase in the licensed
warehouse operator’s gross capacity.
3. A licensed warehouse operator may transfer grain for storage to another licensed
warehouse operator while the warehouse operator receiving such grain has grain stored
elsewhere under the provisions of this section.

Legislative History

[C71, 73, 75, 77, 79, 81, §543.39]