203.8 - PAYMENT.
203.8 PAYMENT.
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 upon delivery or demand by the seller, but not later than
thirty days after delivery by the seller unless in accordance with
the terms of a credit-sale contract that satisfies the requirements
of this chapter. The department shall adopt rules for payment by
check and electronic funds transfer.
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.
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. Section History: Early Form
[C75, 77, 79, 81, § 542.8; 81 Acts, ch 180, § 9] Section History: Recent Form
C93, § 203.8
96 Acts, ch 1030, § 1; 2003 Acts, ch 69, §4
Referred to in § 203.12B
See § 203.15