Rule 20:10:12:13 Notice required to credit seller of grain.
required to credit seller of grain. 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.
Source: 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.
SDCL 49-45-6(4), 49-45-11.
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