203C.14 - SUIT -- CLAIMS -- NOTICE OF REVOCATION.
203C.14 SUIT -- CLAIMS -- NOTICE OF REVOCATION.
A person injured by the breach of an obligation of a warehouse
operator, for the performance of which a bond on agricultural
products other than bulk grain, a deficiency bond, or an irrevocable
letter of credit has been given under any of the provisions of this
chapter, may sue on the bond on agricultural products other than bulk
grain, deficiency bond, or irrevocable letter of credit in the
person's own name in a court of competent jurisdiction to recover any
damages the person has sustained by reason of the breach.
Upon revocation, termination, or cancellation of a warehouse
license, a claim against the warehouse operator arising under this
chapter shall be made in writing with the warehouse operator, with
the issuer of a bond on agricultural products other than bulk grain,
a deficiency bond, or an irrevocable letter of credit, and, if the
claim relates to bulk grain, with the department within one hundred
twenty days after revocation, termination, or cancellation. Failure
to make a timely claim relieves the issuer and, if the claim relates
to bulk grain, the grain depositors and sellers indemnity fund
provided in chapter 203D of all obligations to the claimant. Upon
revocation of a warehouse 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 in each of the counties
in which the licensee maintains a business location and in a
newspaper of general circulation within the state. The notice shall
state the name and address of the warehouse operator and the
effective date of revocation. The notice shall also state that any
claims against the warehouse operator shall be made in writing and
sent by ordinary mail to the warehouse operator, to the issuer of a
bond on agricultural products other than bulk grain, deficiency bond,
or an irrevocable letter of credit, and to the department within one
hundred twenty days after revocation, and the notice shall state that
the failure to make a timely claim does not relieve the warehouse
operator from liability to the claimant. This paragraph does not
apply if a receiver is appointed as provided in this chapter pursuant
to a petition which is filed by the department prior to the
expiration of one hundred twenty days after revocation, termination,
or cancellation of the license. Section History: Early Form
[C24, 27, 31, § 9749; C35, § 9751-g31; C39, § 9751.31; C46,
50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 543.14] Section History: Recent Form
86 Acts, ch 1152, § 25
C93, § 203C.14
Referred to in § 203D.6