"Covered transaction " means a transaction in
which the claimant is a seller who transferred title to the grain to the grain
dealer other than by credit-sale contract within six months of the incurrence
date, or in which the claimant is a depositor who delivered the grain to the
warehouse operator
"Credit-sale contract" means a contract for
the sale of grain pursuant to which the sale price is to be paid more than 30
days after the delivery of the grain to the buyer, or a contract which is
titled as a credit-sale contract, including but not limited to those contracts
Cornmonly referred to as deferred-payment contracts, deferred-pricing
contracts, and price-later contracts.
"Department" means the Iowa department of
agriculture and land stewardship.
"Depositor" means a person who deposits grain
in a state warehouse for storage, handling, or shipment, or who is the owner or
legal holder of an outstanding state warehouse receipt, or who is lawfully
entitled to possession of the grain.
"Grain dealer" shall mean a grain dealer
licensed pursuant to Iowa Code section
203.3.
"Licensed warehouse " means a warehouse, the
operation for which the department has issued a license in accordance with Iowa
Code section
203C.6.
"Seller " means a person who sells grain which
the person has produced or caused to be produced to a licensed grain dealer,
but excludes a person who executes a credit-sale contract as a seller
"Warehouse operator " means a licensed
warehouse operator pursuant to Iowa Code section
203C.6.
"Warehouse receipt" means a warehouse receipt
issued for bulk grain in accordance with Iowa Code chapter 203
C.
