Statutes, codes, and regulations
Indiana Administrative Code
Title 824 - INDIANA GRAIN BUYERS AND WAREHOUSE LICENSING AGENCYArticle 2 - GRAIN BUYERS AND WAREHOUSE LICENSING AND BONDING
Rule 824 IAC 2-13 - Contracts for the Purchase of Grain
Section 824 IAC 2-13-2 - Price later contracts

824 Ind. Admin. Code 2-13-2

Download
PDF
Current through October 31, 2024
Section 824 IAC 2-13-2 - Price later contracts

Authority: IC 26-3-7-3

Affected: IC 26-3-7-2

Sec. 2.

(a) Only grain buyer and buyer-warehouse licensees are entitled to purchase grain from producers under price later contracts, also known as deferred pricing or DP contracts.
(b) In addition to the minimum contract requirements in section 1 of this rule, price later contracts shall also include the following:
(1) A statements sic., statement printed in bold letters: "NOT STORAGE-TITLE TO THE GRAIN PASSES TO BUYER UPON DELIVERY".
(c) A buyer-warehouse licensee shall not issue a collateral warehouse receipt on grain purchased by a price later contract until the full purchase price has been paid to the producer by that licensee.

824 IAC 2-13-2

Indiana Grain Buyers and Warehouse Licensing Agency; 824 IAC 2-13-2; filed Jan 19, 2001, 3:04 p.m.: 24 IR 1663; readopted filed Nov 16, 2007, 2:00 p.m.: 20071212-IR-824070667RFA; readopted filed November 27, 2013, 1:30 p.m.: 20131225-IR-824130492RFA
Readopted filed 11/1/2019, 10:20 a.m.: 20191127-IR-824190178RFA