824 IAC 2-13-2 Price later contracts

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.