203C.1 - DEFINITIONS.
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 corn, soybean meal, commercial feeds, and cottonseed meal.
2. "Bond" means a bond issued by a surety company or an
irrevocable letter of credit issued by a financial institution.
3. "Bulk grain" shall mean grain which is not contained in
sacks.
4. "Check" means the same as defined in section 203.1.
5. "Credit-sale contract" means a contract for the sale of
grain pursuant to which the sale price is to be paid more than thirty
days after the delivery of the grain to the buyer, or a contract
which is titled as a credit-sale contract, including but not limited
to those contracts commonly referred to as deferred-payment
contracts, deferred-pricing contracts, and price-later contracts.
6. "Department" means the department of agriculture and land
stewardship.
7. "Depositor" means any person who deposits an agricultural
product in a warehouse for storage, handling, or shipment, or who is
the owner or legal holder of an outstanding warehouse receipt, or who
is lawfully entitled to possession of the agricultural product.
8. "Electronic funds transfer" means the same as defined in
section 203.1.
9. "Financial institution" means the same as defined in
section 203.1.
10. "Good cause" means that the department has cause to
believe that the net worth or current asset to current liability
ratio of a warehouse operator presents a danger to depositors with
whom the warehouse operator does business, based on evidence of any
of the following:
a. The making of a payment by use of a check or electronic
funds transfer, and a financial institution refuses payment because
of insufficient funds in the warehouse operator's account.
b. A violation of recordkeeping requirements provided in this
chapter or rules adopted pursuant to this chapter by the department.
c. A quality or quantity shortage in the warehouse facility.
d. A high risk of loss to the grain depositors and sellers
indemnity fund caused by the possible insolvency of the warehouse
operator based on a statistical model provided in section 203C.40.
11. "Grain" shall mean wheat, corn, oats, barley, rye,
flaxseed, field peas, soybeans, grain sorghums, spelt, and similar
agricultural products, as defined in the Grain Standards Act.
12. "Grain bank" means grain owned by a depositor and held
temporarily by the warehouse operator for use in the formulation of
feed or to be processed and returned to the depositor on demand.
13. "Grain Standards Act" means the United States Grain
Standards Act, 7 U.S.C. ch. 3.
14. "Incidental warehouse operator" means a person regulated
under chapter 198 whose grain storage capacity does not exceed
twenty-five thousand bushels which is used exclusively for grain
owned or grain which will be returned to the depositor for use in a
feeding operation or as an ingredient in a feed.
15. "Incidental warehouse operator's obligation" means a
sufficient quantity and quality of grain to cover company owned grain
and deposits of grain for which actual payment has not been made.
16. "License" means a license issued under this chapter.
17. "Licensed warehouse" shall mean a warehouse for the
operation of which the department has issued a license in accordance
with the provisions of section 203C.6.
18. "Licensed warehouse operator" shall mean a warehouse
operator who has obtained a license for the operation of a warehouse
under the provisions of section 203C.6.
19. "Official grain standards" means the standards of quality
and condition of grain which establishes the grade, fixed and
established by the secretary of agriculture under the Grain Standards
Act.
20. "Open storage" means grain or agricultural products which
are received by a warehouse operator from a depositor for which
warehouse receipts have not been issued or a purchase made and the
records documented accordingly.
21. "Person" means the same as defined in section 4.1 and
includes a business association as defined in section 202B.102 or a
joint or common venture regardless of whether it is organized under a
chapter of the Code.
22. "Receiving and loadout charge" shall mean the charge made
by the warehouse operator for receiving grain into and loading grain
from the warehouse, exclusive of the warehouse operator's other
charges.
23. "Scale weight ticket" means a load slip or other
evidence, other than a receipt, given to a depositor by a warehouse
operator licensed under this chapter upon initial delivery of the
agricultural product to the warehouse.
24. "Station" means a warehouse located more than three miles
from the central office of the warehouse.
25. "Storage" means any grain or other agricultural products
that have been received and have come under care, custody or control
of a warehouse operator either for the depositor for which a contract
of purchase has not been negotiated or for the warehouse operator
operating the facility.
26. "Unlicensed warehouse operator" means a warehouse
operator who retains grain in the warehouse not to exceed thirty days
and is not licensed under the provisions of this chapter or Title
VII, U.S.C.
27. "Warehouse" shall mean any building, structure, or other
protected enclosure in this state used or usable for the storage of
agricultural products. Buildings used in connection with the
operation of the warehouse shall be deemed to be a part of the
warehouse.
28. "Warehouse operator" means a person engaged in the
business of operating or controlling a warehouse for the storing,
shipping, handling or processing of agricultural products, but does
not include an incidental warehouse operator.
29. "Warehouse operator's obligation" means a sufficient
quantity and quality of grain or other products for which a warehouse
operator is licensed including company owned grain and grain of
depositors as the warehouse operator's records indicate. For an
unlicensed warehouse operator it means a sufficient quantity and
quality of grain to cover company owned grain and all deposits of
grain for which actual payment has not been made. Section History: Early Form
[C24, 27, 31, § 9719; C35, § 9751-g1; C39, § 9751.01; C46, 50,
54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 543.1; 81 Acts, ch 180, §
18] Section History: Recent Form
86 Acts, ch 1006, § 3; 86 Acts, ch 1152, § 12, 13; 86 Acts, ch
1245, § 671; 89 Acts, ch 143, §1002, 1101; 92 Acts, ch 1239, §66
C93, § 203C.1
95 Acts, ch 28, § 2; 99 Acts, ch 106, §9--11; 2003 Acts, ch 69,
§13--16; 2008 Acts, ch 1083, §9
Referred to in § 203.1, 203D.1, 714.8