Terms Used In Iowa Code > Chapter 203C - Warehouses for Agricultural Products

• 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
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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. See Iowa Code 203C.1
• Bulk grain: shall mean grain which is not contained in sacks. See Iowa Code 203C.1
• Check: means the same as defined in section 203. See Iowa Code 203C.1
• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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.
• Counterclaim: A claim that a defendant makes against a plaintiff.
• Credit-sale contract: means the same as defined in section 203. See Iowa Code 203C.1
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• 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
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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
• 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. See Iowa Code 203C.1
• Grain: means the same as defined in section 203. See Iowa Code 203C.1
• 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. 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
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: means a license issued under this chapter. See Iowa Code 203C.1
• 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. See Iowa Code 203C.1
• 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. See Iowa Code 203C.1
• Licensee: means a licensed grain dealer or licensed warehouse operator. See Iowa Code 203D.1
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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. See Iowa Code 203C.1
• 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. See Iowa Code 203C.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
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• 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
• property: includes personal and real property. See Iowa Code 4.1
• Rule: includes "regulation". See Iowa Code 4.1
• Rule of the department: means a rule as defined in section 17A. See Iowa Code 172D.1
• 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. See Iowa Code 203C.1
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• 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
• Station: means a warehouse located more than three miles from the central office of the warehouse. See Iowa Code 203C.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
• Subpoena: A command to a witness to appear and give testimony.
• undertaking: means a promise or security in any form. See Iowa Code 4.1
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• 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
• week: means seven consecutive days. See Iowa Code 4.1
• year: means twelve consecutive months. See Iowa Code 4.1