203C.14 - SUIT -- CLAIMS -- NOTICE OF REVOCATION.

        203C.14  SUIT -- CLAIMS -- NOTICE OF REVOCATION.
         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
      chapter, may sue on the bond on agricultural products other than bulk
      grain, deficiency bond, or irrevocable letter of credit in the
      person's own name in a court of competent jurisdiction to recover any
      damages the person has sustained by reason of the breach.
         Upon revocation, termination, or cancellation of a warehouse
      license, a claim against the warehouse operator arising under this
      chapter shall be made in writing with the warehouse operator, with
      the issuer of a bond on agricultural products other than bulk grain,
      a deficiency bond, or an irrevocable letter of credit, and, if the
      claim relates to bulk grain, with the department within one hundred
      twenty days after revocation, termination, or cancellation.  Failure
      to make a timely claim relieves the issuer and, if the claim relates
      to bulk grain, the grain depositors and sellers indemnity fund
      provided in chapter 203D of all obligations to the claimant.  Upon
      revocation of a warehouse license, the department shall cause notice
      of the revocation to be published once each week for two consecutive
      weeks in a newspaper of general circulation in each of the counties
      in which the licensee maintains a business location and in a
      newspaper of general circulation within the state.  The notice shall
      state the name and address of the warehouse operator and the
      effective date of revocation.  The notice shall also state that any
      claims against the warehouse operator shall be made in writing and
      sent by ordinary mail to the warehouse operator, to the issuer of a
      bond on agricultural products other than bulk grain, deficiency bond,
      or an irrevocable letter of credit, and to the department within one
      hundred twenty days after revocation, and the notice shall state that
      the failure to make a timely claim does not relieve the warehouse
      operator from liability to the claimant.  This paragraph does not
      apply if a receiver is appointed as provided in this chapter pursuant
      to a petition which is filed by the department prior to the
      expiration of one hundred twenty days after revocation, termination,
      or cancellation of the license.  
         Section History: Early Form
         [C24, 27, 31, § 9749; C35, § 9751-g31; C39, § 9751.31; C46,
      50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 543.14] 
         Section History: Recent Form
         86 Acts, ch 1152, § 25
         C93, § 203C.14
         Referred to in § 203D.6