The terms of a voluntary credit sale of grain shall contain
the following statement: "This contract is not protected by South Dakota
statutory bond coverages." This statement shall be printed in red or bold type
immediately above the seller's signature line.
In addition to this statement, each voluntary credit sale
contract shall include the following:
(1) Name of the grain buyer;
(2) Name of the seller;
(3) Amount and type of grain;
(4) Grade of the grain;
(5) Method of pricing;
(6) Service charges or other fees;
(7) Advances against the contract;
(8) A statement that title to the grain
passes to buyer upon delivery; and
(9) Signature and date of signature for both
the seller and buyer immediately preceded by statement required in this
section. However, if the voluntary credit sale contract is signed by only one
of the parties to the contract, the requirements of this subsection are
considered met if, within a reasonable time, a writing in confirmation of the
contract and sufficient against the sender is received and the party receiving
the writing in confirmation has reason to know its contents, unless written
notice of objection to its contents is given within two days after the writing
in confirmation is received.
Notes
S.D. Admin. R.
20:10:12:13
12 SDR 85, effective
November 24, 1985; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 24 SDR 190,
effective July 15, 1998; 35 SDR 48, effective September 9, 2008; 40 SDR 39,
effective September 9, 2013.
General Authority: SDCL
49-45-6(4),
49-45-11.
Law Implemented: SDCL
49-45-11.
