172A.9 - PAYMENT FOR LIVESTOCK.
172A.9 PAYMENT FOR LIVESTOCK.
1. Each dealer, or broker purchasing livestock, before the close
of the next business day following either the purchase of livestock
or the determination of the amount of the purchase price, whichever
is later, shall transmit or deliver to the seller or the seller's
duly authorized agent the full amount of the purchase price. If
livestock is bought on a yield or grade and yield basis, a dealer or
broker shall upon the express request in writing of the seller,
transmit or deliver to the seller or the seller's duly authorized
agent before the close of the next business day following such
purchase or delivery, whichever is later, up to eighty percent of the
estimated purchase price, and pay the remaining balance on the next
business day following the determination of the purchase price.
2. Payment to the seller shall be made by cash, check, or wire
transfer of funds. If payment to the seller is by check, the check
shall be drawn on a bank located in this state or on a bank located
in an adjacent state and in the nearest city to Iowa in which a check
processing center of a federal reserve bank district is located. For
the purpose of this subsection, "wire transfer" means any
telephonic, telegraphic, electronic, or similar communication between
the bank of the purchaser and the bank of the seller which results in
the transfer of funds or credits of the purchaser to an account of
the seller.
3. Provisions of this section may be modified by an agreement
signed by both the buyer and the seller or their duly authorized
agents at the time of the sale. However, such an agreement shall not
be a condition of sale unless expressly requested by the seller.
4. Failure to comply with this section shall be a violation of
this chapter. Section History: Early Form
[C77, 79, 81, § 172A.9]
Referred to in § 172A.11