203C.1 Definitions. 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 […]
203C.10 Action affecting a license. 1. The cessation of a warehouse operator’s license occurs from any of the following: a. The revocation of the license by the department as provided in subsection 2. b. The cancellation of the license as provided in section 203C.37. c. The expiration of the license according to the terms of […]
203C.11 Suspension or revocation for insufficient evidence of financial responsibility — notice. 1. The department shall proceed under section 203C.15 if it has cause to believe that a licensed warehouse operator does not provide for and carry an insurance policy as required in that section. 2. If the department determines that the net worth of […]
203C.12 Participation in fund required. A person licensed to operate a warehouse under this chapter shall participate in and comply with the grain depositors and sellers indemnity fund provided in chapter 203D. [C24, 27, 31, §9723; C35, §9751-g5; C39, §9751.05; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §543.12] 86 Acts, […]
203C.12A Lien on warehouse operator assets. 1. A statutory lien is imposed on all warehouse operator assets in favor of depositors possessing warehouse receipts covering grain stored by the warehouse operator and depositors with written evidence of ownership other than warehouse receipts disclosing a storage obligation of a warehouse operator. 2. “Warehouse operator assets” includes […]
203C.13 Form and amount of evidence of financial responsibility. 1. A warehouse operator who stores only agricultural products other than bulk grain shall have and maintain a net worth of at least ten percent of the value of the warehouse capacity, or maintain a deficiency bond or an irrevocable letter of credit in the amount […]
203C.14 Suit — claims — notice of revocation. 1. A person injured by the breach of an obligation of a warehouse operator, for the performance of which a bond on agricultural products other than bulk grain, a deficiency bond, or an irrevocable letter of credit has been given under any of the provisions of this […]
203C.15 Insurance required — exception. 1. A warehouse operator shall maintain insurance coverage as provided in this section. In order to maintain insurance coverage, all agricultural products in storage in a licensed warehouse and all agricultural products which have been deposited temporarily in a licensed warehouse pending storage or for purposes other than storage, shall […]
203C.16 License required for the storage of bulk grain. A person other than a licensed warehouse operator shall not place in storage or accept for storage any bulk grain. A person shall not place bulk grain in storage in a warehouse other than a licensed warehouse. This section shall not apply to any of the […]
203C.17 Receiving bulk grain at licensed and unlicensed warehouses. 1. Any grain which has been received at any licensed warehouse for which the actual sale price is not fixed and proper documentation made or payment made shall be construed to be grain held for storage within the meaning of this chapter. Grain may be held […]
203C.18 Warehouse receipts — issuance, printing, and electronic filing. 1. For all agricultural products that become storage in a licensed warehouse, warehouse receipts signed by the licensed warehouse operator or the operator’s authorized agent shall be issued by the licensed warehouse operator. Such warehouse receipts shall be in the form required or permitted by uniform […]
203C.19 Rights and obligations with respect to warehouse receipts — lost receipts. 1. Insofar as not inconsistent with the provisions of this chapter, original or duplicate receipts issued by licensed warehouse operators shall be deemed to have been issued under the provisions of uniform commercial code, chapter 554, article 7. 2. Duplicates and releases for […]
203C.2 Duties and powers of the department — operator recordkeeping. 1. The department shall administer this chapter and may exercise general supervision over the storage, warehousing, classifying according to grade or otherwise, weighing, and certification of agricultural products. 2. The department may inspect or cause to be inspected any warehouse including warehouse records as provided […]
203C.20 Receipt by warehouse operator to self. A licensed warehouse operator may issue a warehouse receipt for agricultural products owned by the warehouse operator and dispose of the title to or interest in such products through the medium of such receipt. Such receipt shall be of the same standing as though it had been issued […]
203C.23 Warehouse operator’s obligation. 1. A warehouse operator shall maintain at all times sufficient quantity and quality of grain or other agricultural products to cover the warehouse operator’s obligation. A warehouse operator shall not at any time have less grain or other agricultural products in the warehouse than the obligations to depositors, as determined by […]
203C.24 Confidentiality of records. Notwithstanding the provisions of chapter 22, all financial statements of warehouse operators under this chapter shall be kept confidential by the department and its agents and employees and are not subject to disclosure except as follows: 1. Upon waiver by the licensee. 2. In actions or administrative proceedings commenced under this […]
203C.25 Shrinkage adjustments — disclosures — penalties. 1. A person who, in connection with the receipt of corn or soybeans for storage, processing, or sale, adjusts the scale weight of the grain to compensate for the moisture content of the grain shall compute the amount of the adjustment by multiplying the scale weight of the […]
203C.27 Discrimination. Repealed by 2012 Acts, ch 1095, §117.
203C.28 Tariff rates. 1. A warehouse operator shall, at the time of application for a license, file a tariff with the department which shall contain rates to be charged for receiving, storage, and load-out of grain. The tariff shall be posted in a conspicuous place at the place of business of the licensee in a […]
203C.3 Appointment of department as receiver. 1. The department in its discretion may, following summary suspension of a license under section 203C.10, or following a suspension or revocation of a license as otherwise provided in section 203C.10 or 203C.11, file a verified petition in the district court requesting that the department be appointed as a […]
