2005 Idaho Code - 69-514 — CREDIT-SALE CONTRACTS

                                  TITLE  69
                                  WAREHOUSES
                                  CHAPTER 5
                             COMMODITY DEALER LAW
    69-514.  CREDIT-SALE CONTRACTS. (1) A commodity dealer 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 make provision for all of the following:
    (a)  The seller's name and address;
    (b)  The conditions of delivery;
    (c)  The amount and kind of agricultural commodities delivered;
    (d)  The price per unit or basis of value; and
    (e)  The date payment is to be made.
    (3)  Title to all agricultural commodities sold by a contract is in the
purchasing dealer as of the time the contract is signed, unless the contract
provides otherwise. The contract must be signed by all parties and executed in
duplicate. One (1) copy shall be retained by the commodity dealer and one (1)
copy shall be delivered to the seller. Upon revocation or termination of a
commodity dealer'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. However, if the business of the commodity dealer
is sold to another licensed commodity dealer, credit-sale contracts may be
assigned to the purchaser of the business.