203D.1 - DEFINITIONS.
203D.1 DEFINITIONS.
1. "Board" means the Iowa grain indemnity fund board created
in section 203D.4.
2. "Department" means the department of agriculture and land
stewardship.
3. "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.
4. "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.
5. "Fund" means the grain depositors and sellers indemnity
fund created in section 203D.3.
6. "Grain" means wheat, corn, oats, barley, rye, flaxseed,
field peas, soybeans, grain sorghums, spelt, and similar agricultural
products, as defined in the Grain Standards Act, but does not include
agricultural products other than bulk grain.
7. "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.
8. "Licensed warehouse" means the same as defined in section
203C.1.
9. "Licensed warehouse operator" means the same as in section
203C.1.
10. "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.
11. "Purchased grain" means grain which is entered in the
company-owned paid position as evidenced on the grain dealer's daily
position record.
12. "Seller" means a person who sells grain which the person
has produced or caused to be produced to a licensed grain dealer, but
excludes a person who executes a credit-sale contract as a seller as
provided in section 203.15. However, "seller" does not include
any of the following:
a. A person licensed as a grain dealer in any jurisdiction
who sells grain to a licensed grain dealer.
b. A person who sells grain that is not produced in this
state unless such grain is delivered to a licensed grain dealer at a
location in this state as the first point of sale. Section History: Recent Form
86 Acts, ch 1152, § 31
C87, § 543A.1
87 Acts, ch 147, §8--10; 89 Acts, ch 143, §901, 902
C93, § 203D.1
2008 Acts, ch 1083, §13, 14; 2009 Acts, ch 41, §81; 2009 Acts, ch
133, §78
Referred to in § 203D.5