2015 Minnesota Statutes
Chapters 223 - 236A — FARM PRODUCTS, COMMERCIAL PRACTICES
Chapter 223 — GRAIN BUYERS
Section 223.175 — WRITTEN VOLUNTARY EXTENSION OF CREDIT CONTRACTS; FORM.

MN Stat § 223.175 (2015) What's This?
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.

History:

1983 c 374 s 9; 2000 c 477 s 62

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