Credit-Sale Contracts

TITLE 69 WAREHOUSES CHAPTER 2 BONDED WAREHOUSE LAW 69-249. Credit-sale contracts. (1) A warehouseman who purchases agricultural commodities by credit-sale contracts shall maintain books, records and other documents as required by the department to establish compliance with the provisions of this section. (2)  In addition to other information as may be required, a credit-sale contract shall contain or provide, but not be limited to: (a)  The seller’s name and address; (b)  The conditions of delivery; (c)  The amount, kind and class of agricultural commodities delivered; (d)  The price per unit or basis of value; (e)  The date payment is to be made; and (f)  Any enhancements to the value of the contract, which may include, but are not limited to, transportation, premiums of any nature, or producer provided services, must be listed separately and apart from the price per unit of the commodity. (3)  Title to all agricultural commodities sold by credit-sale contract is in the purchaser as of the time the contract is executed, unless the contract provides otherwise. The contract must be signed by both parties and executed in duplicate. One (1) copy shall be retained by the warehouseman and one (1) copy shall be delivered to the seller. Upon revocation or termination of a warehouseman’s license, the payment date for all credit-sale contracts shall be advanced to a date not later than thirty (30) days following the effective date of the revocation or termination and the purchase price for all agricultural commodities without a price shall be determined as of the effective date of revocation or termination in accordance with all other provisions of the contract. In the event claims are submitted to the commodity indemnity fund following a declared failure, the value determination of contracts will be controlled by the provisions of section 69-262 , Idaho Code, and the rules promulgated pursuant to the provisions of this chapter. However, if the business of the warehouseman is sold to another licensed warehouseman, credit-sale contracts may be assigned to the purchaser of the business.