As used in this chapter, "bargaining agent" means a person, group, firm, association or corporation who bargains with buyers for the sale of grain for agricultural producers.
As used in this chapter, "department" means the department of agriculture and land stewardship.
Bargaining agent shall not mean a person selling grain as a farm manager, or an executor, administrator, trustee, guardian, or conservator of an estate. A bargaining agent shall not take title to the grain but shall act only for or on behalf of the beneficiaries whose product the bargaining agent is offering for sale. Unless the bargaining agent agreement provides that proceeds from grain sales shall be paid directly to the agricultural producer by the buyer, the bargaining agent agreement shall provide that proceeds shall be paid to and held in trust by either the bargaining agent, or a third person identified in the bargaining agent agreement as a trustee, for the benefit of the agricultural producers. As used in this section the term "grain" means as provided in section 203.1.
[C79, 81, § 542A.1]
86 Acts, ch 1245, § 670
C93, § 203A.1
Referred to in § 203.1, 203A.3, 203A.6
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