As used in this chapter, unless the context otherwise requires:
 1. “Bond” means a bond issued by a surety company or an irrevocable letter of credit issued by a financial institution described in subsection 7.

Terms Used In Iowa Code 203.1

  • Board: means the Iowa grain indemnity fund board created in section 203D. See Iowa Code 203D.1
  • Bond: means a bond issued by a surety company or an irrevocable letter of credit issued by a financial institution described in subsection 7. See Iowa Code 203.1
  • 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.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Credit-sale contract: means a contract for the sale of grain pursuant to which the sale price is to be paid more than thirty days after the delivery of the grain to the buyer, or a contract which is titled as a credit-sale contract, including but not limited to those contracts commonly referred to as deferred-payment contracts, deferred-pricing contracts, and price-later contracts. See Iowa Code 203.1
  • Custom livestock feeder: means a person who buys grain for the sole purpose of feeding it to livestock owned by another person in a feedlot as defined in section 172D. See Iowa Code 203.1
  • 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
  • Department: means the department of agriculture and land stewardship. See Iowa Code 203.1
  • 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.
  • Feedlot: means a lot, yard, corral, or other area in which livestock are confined, primarily for the purposes of feeding and growth prior to slaughter. See Iowa Code 172D.1
  • Financial institution: means any of the following:
     a. See Iowa Code 203.1
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Fund: means the grain depositors and sellers indemnity fund created in section 203D. 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 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
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Licensed grain dealer: means a person who has obtained a license to engage in the business of a grain dealer pursuant to section 203. See Iowa Code 203D.1
  • Livestock: means cattle, sheep, swine, ostriches, rheas, emus, poultry, and other animals or fowl, which are being produced primarily for use as food or food products for human consumption. See Iowa Code 172D.1
  • 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. See Iowa Code 203D.1
  • month: means a calendar month, and the word "year" and the abbreviation "A. See Iowa Code 4.1
  • Owner: shall mean the person holding record title to real estate to include both legal and equitable interests under recorded real estate contracts. See Iowa Code 172D.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
  • Producer: means the owner, tenant, or operator of land in this state who has an interest in and receives all or a part of proceeds from the sale of grain produced on that land. 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, and includes a person who executes a credit-sale contract as a seller. See Iowa Code 203.1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes all the states. See Iowa Code 4.1
 2. “Check” means a paper instrument used for ordering, instructing, or authorizing a financial institution to make payment or credit a presenter’s account and debit the issuer’s account. “Check” includes instruments commonly referred to as a check, draft, share draft, or other negotiable instrument for the payment of money. An instrument may be a check even though it is described on its face by another term, such as “money order”.
 3. “Credit-sale contract” means a contract for the sale of grain pursuant to which the sale price is to be paid more than thirty days after the delivery of the grain to the buyer, or a contract which is titled as a credit-sale contract, including but not limited to those contracts commonly referred to as deferred-payment contracts, deferred-pricing contracts, and price-later contracts.
 4. “Custom livestock feeder” means a person who buys grain for the sole purpose of feeding it to livestock owned by another person in a feedlot as defined in section 172D.1, subsection 6, or a confinement building owned or operated by the custom livestock feeder and located in this state.
 5. “Department” means the department of agriculture and land stewardship.
 6. “Electronic funds transfer” means a remote electronic transmission used for ordering, instructing, or authorizing a financial institution to pay money to or credit the account of the payee and debit the account of the payer. The remote electronic transmission may be initiated by telephone, terminal, computer, or similar device.
 7. “Financial institution” means any of the following:

 a. A bank or savings association authorized by the laws of any other state or the United States, which is a member of the federal deposit insurance corporation.
 b. A bank or association chartered by the farm credit system under the federal Farm Credit Act, as amended, 12 U.S.C. ch. 23.
 8. “Good cause” means that the department has cause to believe that the net worth or current asset to current liability ratio of a grain dealer presents a danger to sellers with whom the grain dealer does business, based on evidence of any of the following:

 a. The making of a payment by use of a check or electronic funds transfer, and a financial institution refuses payment because of insufficient moneys in a grain dealer’s account.
 b. A violation of recordkeeping requirements provided in this chapter or rules adopted pursuant to this chapter by the department.
 c. A substantial risk of loss to the grain depositors and sellers indemnity fund caused by the possible insolvency of the grain dealer based on a statistical model provided in section 203.22.
 9. “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.S.C. ch. 3.
 10. “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. However, “grain dealer” does not include any of the following:

 a. A producer of grain who is buying grain for the producer’s own use as seed or feed.
 b. A person solely engaged in buying grain future contracts on the board of trade.
 c. A person who purchases grain only for sale in a feed regulated under chapter 198.
 d. A person who purchases grain only from grain dealers licensed under this chapter.
 e. A person engaged in the business of selling agricultural seeds regulated by chapter 199.
 f. A person buying grain only as a farm manager.
 g. An executor, administrator, trustee, guardian, or conservator of an estate.
 h. A custom livestock feeder.
 i. A cooperative organized under chapter 501 or 501A, if the cooperative only purchases grain from its members who are producers or from a licensed grain dealer, and the cooperative does not resell that grain.
 j. A limited liability company as defined in section 489.102 that meets all of the following requirements:

 (1) The majority of voting rights in the limited liability company are held by its members who are producers.
 (2) The purpose of the limited liability company is to produce renewable fuel as defined in section 214A.1.
 (3) The limited liability company only purchases grain from its members who are producers or from a licensed grain dealer.
 (4) The limited liability company does not resell grain that it purchases.
 11. “Person” means the same as defined in section 4.1 and includes a business association as defined in section 202B.102 or joint or common venture regardless of whether it is organized under a chapter of the Code.
 12. “Producer” means the owner, tenant, or operator of land in this state who has an interest in and receives all or a part of proceeds from the sale of grain produced on that land.
 13. “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.
 14. “United States Warehouse Act” means the United States Warehouse Act, 7 U.S.C. ch. 10.
 15. “Warehouse operator” means the same as defined in section 203C.1.
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