69-249. CREDIT-SALE CONTRACTS. (1) A warehouseman 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 provide, but not be limited to:
(a) The seller’s name and address;
(b) The conditions of delivery;
(c) The amount, kind and class of agricultural commodities delivered;
(d) The price per unit or basis of value;
(e) The date payment is to be made; and
(f) Any enhancements to the value of the contract, which may include, but are not limited to, transportation, premiums of any nature, or producer provided services, must be listed separately and apart from the price per unit of the commodity.
(3) Title to all agricultural commodities sold by credit-sale contract is in the purchaser as of the time the contract is executed, unless the contract provides otherwise. The contract must be signed by both parties and executed in duplicate. One (1) copy shall be retained by the warehouseman and one (1) copy shall be delivered to the seller. Upon revocation or termination of a warehouseman’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. In the event claims are submitted to the commodity indemnity fund following a declared failure, the value determination of contracts will be controlled by the provisions of section 69-262, Idaho Code, and the rules promulgated pursuant to the provisions of this chapter. However, if the business of the warehouseman is sold to another licensed warehouseman, credit-sale contracts may be assigned to the purchaser of the business.
History:
[69-249, added 1982, ch. 25, sec. 39, p. 50; am. 1983, ch. 44, sec. 17, p. 114; am. 1988, ch. 350, sec. 3, p. 1049; am. 2002, ch. 259, sec. 35, p. 774.]
Structure Idaho Code
Chapter 2 - BONDED WAREHOUSE LAW
Section 69-201 - SHORT TITLE OF ACT.
Section 69-203 - LICENSE NECESSARY TO OPERATE PUBLIC WAREHOUSE.
Section 69-204 - PENALTY FOR OPERATING WITHOUT A LICENSE — MISREPRESENTATION.
Section 69-206 - LICENSES TO WAREHOUSEMEN — ISSUE — RENEWAL — CONDITIONS PRECEDENT.
Section 69-207 - TERM OF LICENSE — RENEWAL.
Section 69-208A - AMOUNT OF BOND — CANCELLATION.
Section 69-210 - DESIGNATION OF WAREHOUSE AS BONDED WAREHOUSE.
Section 69-211 - FEES OF DEPARTMENT.
Section 69-212 - SCHEDULE OF CHARGES — POSTING.
Section 69-213 - PRIVILEGE OF EXAMINING COMMODITIES STORED.
Section 69-213A - ANNUAL NOTIFICATION.
Section 69-214 - EMPLOYMENT OF PERSONNEL.
Section 69-215 - LICENSES TO WEIGH COMMODITIES FOR STORAGE.
Section 69-217 - RIGHT TO ASSESS AND COLLECT FEES.
Section 69-218 - WAREHOUSEMEN TO RECEIVE COMMODITIES ACCORDING TO CAPACITY.
Section 69-219 - COMMODITIES DEEMED DELIVERED SUBJECT TO LAW.
Section 69-220 - INSPECTION AND GRADING OF DISEASED OR INSECT INFESTED COMMODITIES.
Section 69-222 - RECEIPTS — SCALE WEIGHT TICKETS.
Section 69-224 - STANDARDS FOR AGRICULTURAL COMMODITIES.
Section 69-225 - LOSS OF RECEIPTS — CONDITIONS OF REISSUE.
Section 69-226 - RECORDS OF WAREHOUSES — CONDUCT OF WAREHOUSES.
Section 69-227 - EXAMINATION OF COMMODITIES OR SEED CROPS — RECORDS — PUBLICATION OF FINDINGS.
Section 69-228 - SUSPENSION OR REVOCATION OF LICENSE.
Section 69-229 - PUBLICATION OF REPORTS.
Section 69-230 - EXAMINATION OF BOOKS — AUTHORIZATION TO COPY.
Section 69-232 - COOPERATION WITH GOVERNMENTAL AGENCIES AND PRIVATE ASSOCIATIONS.
Section 69-233 - VIOLATION OF LAW — PENALTY.
Section 69-234 - RENT OF QUARTERS — EMPLOYMENT OF ASSISTANTS.
Section 69-235 - EFFECT OF PARTIAL INVALIDITY OF LAW.
Section 69-236 - NONCOMPLIANCE — FAILURE — REMEDIES OF DEPARTMENT.
Section 69-238 - WAREHOUSEMAN’S OBLIGATIONS — DUTY TO DELIVER DEPOSITED COMMODITIES — DAMAGES.
Section 69-239 - DUTIES OF WAREHOUSEMAN — CONTENTS OF RECORDS.
Section 69-240 - DIRECTOR’S DISCRETIONARY ACTION.
Section 69-241 - INSURANCE — CANCELLATION PROCEDURE — SUSPENSION OF LICENSE.
Section 69-243 - DUTY TO PROSECUTE.
Section 69-244 - LICENSE REISSUANCE FOLLOWING REVOCATION.
Section 69-245 - DIRECTOR’S AUTHORITY.
Section 69-246 - APPEALS FROM DECISION OF DIRECTOR.
Section 69-247 - LICENSE DENIAL.
Section 69-248 - DRAWING CHECKS INSUFFICIENTLY COVERED A VIOLATION.
Section 69-249 - CREDIT-SALE CONTRACTS.
Section 69-250 - CONFIDENTIAL AND PROTECTED RECORDS.
Section 69-251 - PAYMENT OF PURCHASE PRICE.
Section 69-255 - SHORT TITLE — INDEMNITY FUND PROGRAM.
Section 69-256 - CREATION OF INDEMNITY FUND — USES.
Section 69-257 - ASSESSMENT — RATE — MINIMUM AND MAXIMUM ASSESSMENT.
Section 69-259 - FUNDING AND LIMITS OF FUND.
Section 69-260 - FINANCIAL DIFFICULTIES — ADDITIONAL BOND OR SECURITY REQUIRED.
Section 69-261 - ADVISORY COMMITTEE — TERMS — COMPENSATION.
Section 69-262 - PROOF OF CLAIMS — PROCEDURE — HEARING — INSPECTION OF WAREHOUSE.
Section 69-263 - FAILURE TO FILE — LOSS OF CLAIM ON FUND.
Section 69-264 - MINIMUM BALANCE — SUBSEQUENT PAYMENTS.
Section 69-267 - CLAIM AGAINST WAREHOUSEMAN OR DEALER — DIRECTOR’S REMEDIES.