Iowa Code 202C.3 – Surety or issuer — liability
Current as of: 2024 | Check for updates
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1. The purchaser may bring a legal action arising from the breach of a sales agreement against the surety on the bond or issuer on the irrevocable letter of credit in the purchaser’s own name in district court to recover any damages as allowed by law. The purchaser may also be awarded interest as determined pursuant to section 668.13, beginning from the date that the sales agreement was executed. The purchaser may also be awarded court costs and reasonable attorney fees, which shall be taxed as part of the costs of the legal action.
Terms Used In Iowa Code 202C.3
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Dealer: means a person required to be licensed as a dealer pursuant to section 163. See Iowa Code 202C.1
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Purchaser: means the owner or operator of a farm as provided in section 163. See Iowa Code 202C.1
- Sales agreement: means an oral or written contract executed between a dealer and a purchaser for the sale of feeder pigs. See Iowa Code 202C.1
2. The aggregate liability of the surety or issuer due to a breach of a sales agreement shall not exceed the amount of the evidence of financial responsibility.
3. A legal action brought by a purchaser against the surety on the bond or the issuer of the irrevocable letter of credit shall be brought not later than one hundred eighty days after the date that the dealer delivers the feeder pigs to the purchaser pursuant to the sales agreement.