199.16 Permit holder’s bond.
It is unlawful for the permit holder to enter into a contract with a grower who purchases agricultural seed in which the permit holder agrees to repurchase the seed crop produced from the purchased seed at a price in excess of the current market price, unless the permit holder has on file with the department a bond, in a penal sum of twenty-five thousand dollars running to the state of Iowa, with sureties approved by the secretary, for the use and benefit of a person holding a repurchase contract who might have a cause of action of any nature arising from the purchase or contract. However, the aggregate liability of the surety to all purchasers of seed holding repurchase contracts shall not exceed the sum of the bond.
[C58, 62, 66, 71, 73, 75, 77, 79, 81, §199.16; 82 Acts, ch 1191, §15]
85 Acts, ch 84, §1
Referred to in §199.1
Structure Iowa Code
Chapter 199 - AGRICULTURAL SEEDS
Section 199.2 - Dean of agriculture as advisor.
Section 199.3 - Labeling of seed.
Section 199.4 - Sales from bulk.
Section 199.6 - Inoculant for legumes.
Section 199.7 - Certified seed.
Section 199.8 - Prohibited acts.
Section 199.10 - Testing methods — cooperation of facilities.
Section 199.11 - Authority of the department.
Section 199.12 - Seizure of unlawful seed.
Section 199.13A - Local legislation — prohibition.
Section 199.15 - Permit — fee — fraud.