Iowa Code 203.8 – Payment
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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.
Terms Used In Iowa Code 203.8
- Check: includes instruments commonly referred to as a check, draft, share draft, or other negotiable instrument for the payment of money. See Iowa Code 203.1
- Contract: A legal written agreement that becomes binding when signed.
- 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. See Iowa Code 203.8
- Grain: means the same as defined in section 203. See Iowa Code 203D.1
- Grain: means any grain for which the United States department of agriculture has established standards pursuant to the United States Grain Standards Act, 7 U. See Iowa Code 203.1
- Grain dealer: means the same as defined in section 203. See Iowa Code 203D.1
- Grain dealer: means a person who cumulatively purchases at least one thousand bushels of grain from producers during any calendar month, if such grain is delivered within or into this state for purposes of resale, milling, or processing in this state. See Iowa Code 203.1
- 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. See Iowa Code 203.8
- Person: means the same as defined in section 4. See Iowa Code 203.1
- 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. See Iowa Code 203D.1
- Seller: means a person who sells grain which the person has produced or caused to be produced to a licensed grain dealer, and includes a person who executes a credit-sale contract as a seller. See Iowa Code 203.1
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.