2019 Iowa Code
Title XII - BUSINESS ENTITIES
Chapter 502A - COMMODITIES CODE
Section 502A.22 - Affirmative defense.
502A.22 Affirmative defense.
It is an affirmative defense in a complaint, information, indictment, writ, or proceeding brought under this chapter alleging a violation of section 502A.2 based solely on the failure in an individual case to make physical delivery within the applicable time period under section 502A.1, subsection 5, or section 502A.4, subsection 1, paragraph “b” if both of the following apply:
1. Failure to make physical delivery was due solely to factors beyond the control of the seller, the seller’s officers, directors, partners, agents, servants, or employees, every person occupying a similar status or performing similar functions, every person who directly or indirectly controls or is controlled by the seller, or any of them, the seller’s affiliates, subsidiaries, or successors.
2. Physical delivery was completed within a reasonable time under the applicable circumstances.
90 Acts, ch 1169, §21
