2005 Minnesota Statutes - 223.175 — Written voluntary extension of credit contracts; form.

     223.175 Written voluntary extension of credit contracts; 
  form. 


    A written confirmation required under section 223.177, 
 subdivision 2, and a written voluntary extension of credit 
 contract must include those items prescribed by the commissioner 
 by rule.  A contract shall include a statement of the legal and 
 financial responsibilities of grain buyers and sellers 
 established in this chapter.  A contract shall also include the 
 following statement in not less than ten point, all capital 
 type, framed in a box with space provided for the seller's 
 signature:  "THIS CONTRACT CONSTITUTES A VOLUNTARY EXTENSION OF 
 CREDIT.  THIS CONTRACT IS NOT COVERED BY ANY GRAIN BUYER'S 
 BOND."  If a written contract is provided at the time the grain 
 is delivered to the grain buyer, the seller shall sign the 
 contract in the space provided beneath the statement.  A 
 transaction that does not meet the provisions of a voluntary 
 extension of credit, including the issuance and signing of a 
 voluntary extension of credit contract, is a cash sale. 


    HIST: 1983 c 374 s 9; 2000 c 477 s 62