§ 203D.1 — Definitions

Iowa § 203D.1

• Jurisdiction: Iowa
• Title V: AGRICULTURE
• Ch. 203D: GRAIN DEPOSITORS AND SELLERS INDEMNIFICATION

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As used in this chapter, unless the context otherwise requires:
1. “Board” means the Iowa grain indemnity fund board created in section 203D.4.
2. “Credit-sale contract” means the same as defined in section 203.1.
3. “Deferred-payment contract” means the same as defined in section 203.1.
4. “Deferred-pricing contract” means the same as defined in section 203.1.
5. “Department” means the department of agriculture and land stewardship.
6. “Depositor” means a person who deposits grain in a licensed warehouse for storage,
handling, or shipment, or who is the owner or legal holder of an outstanding warehouse
receipt issued by a licensed warehouse, or who is lawfully entitled to possession of the grain.
7. “First point of sale” means the initial transfer of title to grain from a person who has
produced the grain or caused the grain to be produced to the first purchaser of the grain for
consideration, conditional or otherwise, in any manner or by any means.
8. “Fund” means the grain depositors and sellers indemnity fund created in section
203D.3.
9. “Grain” means the same as defined in section 203.1.
10. “Grain dealer” means the same as defined in section 203.1.
11. “Indemnity fees” or “fees” means a participation fee and per-bushel fee as provided in
sections 203D.3 and 203D.3A.
12. “Licensed grain dealer” means a person who has obtained a license to engage in the
business of a grain dealer pursuant to section 203.3.
13. “Licensed warehouse” means the same as defined in section 203C.1.
14. “Licensed warehouse operator” means the same as in section 203C.1.
15. “Licensee” means a licensed grain dealer or licensed warehouse operator.
16. “Loss” means the amount of a claim held by a seller or depositor against a grain dealer
or warehouse operator which has not been recovered through other legal and equitable
remedies including the liquidation of assets.
17. a. “Purchased grain” means any of the following:
(1) Grain entered in the company-owned paid position as evidenced on the grain dealer’s
daily position record.
(2) Grain purchased by deferred-pricing contract.
b. “Purchased grain” does not include grain that is subject to an exempt transaction based
on documentation satisfactory to the department showing that the grain dealer did any of the
following:
(1) Purchased the grain from the United States government or any of its subdivisions or
agencies.
(2) Purchased the grain from a person licensed as a grain dealer in any jurisdiction.
(3) Purchased the grain by deferred-payment contract.
§203D.1, GRAIN DEPOSITORS AND SELLERS INDEMNIFICATION 2
(4) Entered the grain in the company-owned paid position as a cancellation of a collateral
warehouse receipt.
(5) Entered the grain in the company-owned paid position as an intra-company location
transfer.
18. “Repayment loss” means the part of a repayment claim filed with the department by
a seller that includes the dollar value loss incurred by the seller resulting from the seller
receiving an amount from the sale of grain to a purchasing grain dealer that the seller has
paid back to the grain dealer’s bankruptcy estate subject to the requirements and limitations
in sections 203D.6 and 203D.6A.
19. “Scale weight ticket” means the same as defined in section 203C.1.
20. a. “Seller” means a person who sells grain, that the person has produced or caused to
be produced, to a licensed grain dealer.
b. “Seller” does not include any of the following:
(1) A person licensed as a grain dealer in any jurisdiction who sells grain to a licensed
grain dealer.
(2) Apersonwhosellsgrainthatisnotproducedinthisstateunlesssuchgrainisdelivered
to a licensed grain dealer at a location in this state as the first point of sale.
(3) A person who sells grain by deferred-payment contract.
21. “Warehouse operator” means the same as defined in section 203C.1.