Louisiana Revised Statutes 3:3414 – Written evidence required for contracts; quarterly statements on storage contracts
Terms Used In Louisiana Revised Statutes 3:3414
- Contract: A legal written agreement that becomes binding when signed.
- Grain: means corn, wheat, oats, rye, soybeans, barley, and grain sorghum. See Louisiana Revised Statutes 3:3402
- Producer: means the owner, tenant, lessee, or operator of land within this state who has an interest in or receives all or any part of the proceeds from the sale of agricultural commodities produced thereon. See Louisiana Revised Statutes 3:3402
- Warehouse: means any building, structure, or any other protected enclosure required to be licensed by the commission in which agricultural commodities or other farm products are stored for the public for a fee. See Louisiana Revised Statutes 3:3402
A. All contracts, other than contracts for spot sale, in which title shall pass shall be evidenced in writing.
B. In addition to the requirements provided in Subsection A of this Section, the warehouse shall provide a written statement to the producer who has contracted for storage on a quarterly basis. The statement shall include all charges and the rate of accrual of the charges.
C. An oral contract or agreement for the sale of grain capable of being hedged on any grain exchange evidenced by a written, unsigned confirmation of sale, mailed or electronically transmitted to the producer of the grain within five business days shall be deemed a signed contract evidenced in writing as provided in Subsection A of this Section and in Chapter 5 of Title III of Book III of the Louisiana Civil Code.
Added by Acts 1982, No. 563, §1, eff. Jan. 1, 1983; Acts 2006, No. 114, §1; Acts 2008, No. 299, §1; Acts 2009, No. 24, §1, eff. June 12, 2009.