Michigan Laws 285.78 – Receipt of farm produce; acknowledgment form
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(1) A grain dealer shall acknowledge receipt of farm produce by issuing an acknowledgment form to the depositor. The depositor or his or her authorized agent must sign the acknowledgment form if it will be used as a price later agreement, and the depositor and grain dealer are not parties to a prior written agreement governing title and delivery of the farm produce. The grain dealer shall provide a copy of the acknowledgment form to the depositor at the time the farm produce is delivered to the grain dealer.
(2) An acknowledgment form must contain all of the following:
Terms Used In Michigan Laws 285.78
- Acknowledgment form: means a scale weight ticket, a load slip, or any other evidence of deposit issued by a grain dealer or his or her authorized representative to a depositor that identifies the farm produce being transferred from the possession of the depositor to the possession of the grain dealer. See Michigan Laws 285.62
- Department: means the department of agriculture. See Michigan Laws 285.62
- Depositor: means either of the following:
(i) A person who delivers farm produce to a licensed grain dealer for storage, processing, shipment, or sale and has title to the farm produce at the time of delivery. See Michigan Laws 285.62disposition: means a cash sale or other transfer of farm produce or placement of farm produce on a warehouse receipt or price later agreement. See Michigan Laws 285.62 Facility: means an edifice, silo, tank, bin, crib, interstice, or protected enclosed structure, or more than 1 edifice, silo, tank, bin, crib, interstice, or protected enclosed structure located contiguous to each other, used to receive, deposit, or store farm produce in bulk. See Michigan Laws 285.62 Farm produce: means 1 or more of dry edible beans, soybeans, small grains, cereal grains, or corn. See Michigan Laws 285.62 Grain dealer: means a person engaged in the business of receiving, buying, exchanging, selling, or storing farm produce in this state. See Michigan Laws 285.62 License: means a license issued by the department to a grain dealer in the manner provided under this act. See Michigan Laws 285.62 Open storage: means the storage of farm produce for 30 days or less under an acknowledgment form that does not contain a designation of a specific transaction type. See Michigan Laws 285.62 Price later agreement: means a written or electronically transmitted agreement between a depositor and a grain dealer where the grain dealer receives title to farm produce and the depositor retains the option to price the farm produce after delivery based on conditions in the agreement. See Michigan Laws 285.62 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. Warehouse receipt: means a written or electronically transmitted receipt issued by a grain dealer to a depositor at the time the grain dealer accepts farm produce for storage. See Michigan Laws 285.62
(a) The name and address of the grain dealer.
(b) The date of transfer, weight, and type of farm produce deposited.
(c) A statement that unless the parties agree to another disposition within 30 days of the delivery to the grain dealer, the farm produce transaction is a price later agreement transaction.
(3) Farm produce delivered to a grain dealer is in open storage, and the responsibilities of the grain dealer and depositor under an acknowledgment form are the same as if a nonnegotiable warehouse receipt had been issued for the farm produce, unless 1 of the following occurs:
(a) The acknowledgment form satisfies the requirements applicable to a price later agreement and is signed by the depositor and grain dealer or their authorized agents.
(b) The farm produce is sold for a set price at the time of delivery to the grain dealer or another disposition occurs.
(4) If a grain dealer obtains farm produce from a depositor and the farm produce is not being delivered to a facility of the grain dealer, the grain dealer shall issue a temporary acknowledgment form identifying the estimated quantity, type of farm produce, grain dealer’s name and address, and the name of the driver of the transporting vehicle.
(5) A grain dealer shall record the disposition of the farm produce on the acknowledgment form unless he or she provides other settlement documentation referencing the acknowledgment form.
(6) If a depositor deposits farm produce at a facility in the name of another grain dealer, the grain dealer in whose name the farm produce is deposited shall issue the acknowledgment form for the farm produce.
(7) If a grain dealer’s license is revoked or terminated, the grain dealer shall deliver all unused acknowledgment forms to the department.