Nebraska Statutes 75-905. Recourse to grain dealer’s security; when
(1) No seller shall have recourse to the grain dealer’s security unless the seller:
Terms Used In Nebraska Statutes 75-905
- Contract: A legal written agreement that becomes binding when signed.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
(a) Demands payment from the grain dealer within fifteen days after the date of the last shipment of any contract;
(b) Negotiates any negotiable instrument issued as payment for grain by the grain dealer within fifteen days after its issuance; and
(c) Notifies the commission within fifteen days after any apparent loss to be covered under the terms of the grain dealer’s security.
(2) The grain dealer’s security shall provide security for direct delivery grain until any post-direct delivery storage position is created for a period not to exceed fifteen days after the date of the last shipment of the contract.