203.12 - CLAIMS -- NOTICE OF REVOCATION.
203.12 CLAIMS -- NOTICE OF REVOCATION.
Upon revocation, termination, or cancellation of a grain dealer
license, 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
revocation, termination, or cancellation. 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.
Upon 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 claims against the grain dealer shall be made in writing and sent
by ordinary mail or delivered 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 shall state that the failure to make a
timely claim does not relieve the grain dealer from liability to the
claimant. Section History: Early Form
[C79, 81, § 542.12] Section History: Recent Form
86 Acts, ch 1152, § 8
C93, § 203.12
Referred to in § 203D.6