As used in this chapter:
 1. “Agricultural product” shall mean any product of agricultural activity suitable for storage in quantity, including refined or unrefined sugar and canned agricultural products and shall also mean any product intended for consumption in the production of other agricultural products, such as stock salt, binding twine, bran, cracked corn, soybean meal, commercial feeds, and cottonseed meal.

Terms Used In Iowa Code 203C.1

  • Agricultural product: shall mean any product of agricultural activity suitable for storage in quantity, including refined or unrefined sugar and canned agricultural products and shall also mean any product intended for consumption in the production of other agricultural products, such as stock salt, binding twine, bran, cracked corn, soybean meal, commercial feeds, and cottonseed meal. See Iowa Code 203C.1
  • Bond: means a bond issued by a surety company or an irrevocable letter of credit issued by a financial institution. See Iowa Code 203C.1
  • Check: means the same as defined in section 203. See Iowa Code 203C.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
  • Department: means the department of agriculture and land stewardship. See Iowa Code 203C.1
  • Depositor: means any person who deposits an agricultural product in a warehouse for storage, handling, or shipment, or who is the owner or legal holder of an outstanding warehouse receipt, or who is lawfully entitled to possession of the agricultural product. See Iowa Code 203C.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.
  • Financial institution: means the same as defined in section 203. See Iowa Code 203C.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 the same as defined in section 203. See Iowa Code 203C.1
  • Grain Standards Act: means the United States Grain Standards Act, 7 U. See Iowa Code 203C.1
  • Incidental warehouse operator: means a person regulated under chapter 198 whose grain storage capacity does not exceed twenty-five thousand bushels which is used exclusively for grain owned or grain which will be returned to the depositor for use in a feeding operation or as an ingredient in a feed. See Iowa Code 203C.1
  • License: means a license issued under this chapter. See Iowa Code 203C.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
  • 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 203C.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
  • Storage: means any grain or other agricultural products that have been received and have come under care, custody or control of a warehouse operator either for the depositor for which a contract of purchase has not been negotiated or for the warehouse operator operating the facility. See Iowa Code 203C.1
  • United States: includes all the states. See Iowa Code 4.1
  • Unlicensed warehouse operator: means a warehouse operator who retains grain in the warehouse not to exceed thirty days and is not licensed under the provisions of this chapter or the United States Warehouse Act. See Iowa Code 203C.1
  • Warehouse: shall mean any building, structure, or other protected enclosure in this state used or usable for the storage of agricultural products. See Iowa Code 203C.1
  • Warehouse operator: means a person engaged in the business of operating or controlling a warehouse for the storing, shipping, handling or processing of agricultural products, but does not include an incidental warehouse operator. See Iowa Code 203C.1
 2. “Bond” means a bond issued by a surety company or an irrevocable letter of credit issued by a financial institution.
 3. “Bulk grain” shall mean grain which is not contained in sacks.
 4. “Check” means the same as defined in section 203.1.
 5. “Credit-sale contract” means the same as defined in section 203.1.
 6. “Department” means the department of agriculture and land stewardship.
 7. “Depositor” means any person who deposits an agricultural product in a warehouse for storage, handling, or shipment, or who is the owner or legal holder of an outstanding warehouse receipt, or who is lawfully entitled to possession of the agricultural product.
 8. “Electronic funds transfer” means the same as defined in section 203.1.
 9. “Financial institution” means the same as defined in section 203.1.
 10. “Good cause” means that the department has cause to believe that the net worth or current asset to current liability ratio of a warehouse operator presents a danger to depositors with whom the warehouse operator 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 funds in the warehouse operator’s account.
 b. A violation of recordkeeping requirements provided in this chapter or rules adopted pursuant to this chapter by the department.
 c. A quality or quantity shortage in the warehouse facility.
 d. A high risk of loss to the grain depositors and sellers indemnity fund caused by the possible insolvency of the warehouse operator based on a statistical model provided in section 203C.40.
 11. “Grain” means the same as defined in section 203.1.
 12. “Grain bank” means grain owned by a depositor and held temporarily by the warehouse operator for use in the formulation of feed or to be processed and returned to the depositor on demand.
 13. “Grain Standards Act” means the United States Grain Standards Act, 7 U.S.C. ch. 3.
 14. “Incidental warehouse operator” means a person regulated under chapter 198 whose grain storage capacity does not exceed twenty-five thousand bushels which is used exclusively for grain owned or grain which will be returned to the depositor for use in a feeding operation or as an ingredient in a feed.
 15. “Incidental warehouse operator’s obligation” means a sufficient quantity and quality of grain to cover company owned grain and deposits of grain for which actual payment has not been made.
 16. “License” means a license issued under this chapter.
 17. “Licensed warehouse” shall mean a warehouse for the operation of which the department has issued a license in accordance with the provisions of section 203C.6.
 18. “Licensed warehouse operator” shall mean a warehouse operator who has obtained a license for the operation of a warehouse under the provisions of section 203C.6.
 19. “Official grain standards” means the standards of quality and condition of grain which establishes the grade, fixed and established by the secretary of agriculture under the Grain Standards Act.
 20. “Open storage” means grain or agricultural products which are received by a warehouse operator from a depositor for which warehouse receipts have not been issued or a purchase made and the records documented accordingly.
 21. “Person” means the same as defined in section 4.1 and includes a business association as defined in section 202B.102 or a joint or common venture regardless of whether it is organized under a chapter of the Code.
 22. “Receiving and loadout charge” shall mean the charge made by the warehouse operator for receiving grain into and loading grain from the warehouse, exclusive of the warehouse operator’s other charges.
 23. “Scale weight ticket” means a load slip or other evidence, other than a receipt, given to a depositor by a warehouse operator licensed under this chapter upon initial delivery of the agricultural product to the warehouse.
 24. “Station” means a warehouse located more than three miles from the central office of the warehouse.
 25. “Storage” means any grain or other agricultural products that have been received and have come under care, custody or control of a warehouse operator either for the depositor for which a contract of purchase has not been negotiated or for the warehouse operator operating the facility.
 26. “United States Warehouse Act” means the same as defined in section 203.1.
 27. “Unlicensed warehouse operator” means a warehouse operator who retains grain in the warehouse not to exceed thirty days and is not licensed under the provisions of this chapter or the United States Warehouse Act.
 28. “Warehouse” shall mean any building, structure, or other protected enclosure in this state used or usable for the storage of agricultural products. Buildings used in connection with the operation of the warehouse shall be deemed to be a part of the warehouse.
 29. “Warehouse operator” means a person engaged in the business of operating or controlling a warehouse for the storing, shipping, handling or processing of agricultural products, but does not include an incidental warehouse operator.
 30. “Warehouse operator’s obligation” means a sufficient quantity and quality of grain or other products for which a warehouse operator is licensed including company owned grain and grain of depositors as the warehouse operator’s records indicate. For an unlicensed warehouse operator it means a sufficient quantity and quality of grain to cover company owned grain and all deposits of grain for which actual payment has not been made.
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