69-514. CREDIT-SALE CONTRACTS. (1) A commodity dealer who purchases agricultural commodities by credit-sale contracts shall maintain books, records and other documents as required by the department to establish compliance with the provisions of this section.
(2) In addition to other information as may be required, a credit-sale contract shall contain or make provision for all of the following:
(a) The seller’s name and address;
(b) The conditions of delivery;
(c) The amount and kind of agricultural commodities delivered;
(d) The price per unit or basis of value; and
(e) The date payment is to be made.
(3) Title to all agricultural commodities sold by a contract is in the purchasing dealer as of the time the contract is signed, unless the contract provides otherwise. The contract must be signed by all parties and executed in duplicate. One (1) copy shall be retained by the commodity dealer and one (1) copy shall be delivered to the seller. Upon revocation or termination of a commodity dealer’s license, the payment date for all credit-sale contracts shall be advanced to a date not later than thirty (30) days following the effective date of the revocation or termination and the purchase price for all agricultural commodities without a price shall be determined as of the effective date of revocation or termination in accordance with all other provisions of the contract. However, if the business of the commodity dealer is sold to another licensed commodity dealer, credit-sale contracts may be assigned to the purchaser of the business.
History:
[69-514, added 1982, ch. 94, sec. 2, p. 182; am. 1983, ch. 116, sec. 8, p. 254; am. 1990, ch. 184, sec. 6, p. 411.]