Nebraska Revised Statute 75-905

Chapter 75

75-905.

Recourse to grain dealer's security; when.

(1) No seller shall have recourse to the grain dealer's security unless the seller:

(a) Demands payment from the grain dealer within fifteen days after the date of the last shipment of any contract;

(b) Negotiates any negotiable instrument issued as payment for grain by the grain dealer within fifteen days after its issuance; and

(c) Notifies the commission within fifteen days after any apparent loss to be covered under the terms of the grain dealer's security.

(2) The grain dealer's security shall provide security for direct delivery grain until any post-direct delivery storage position is created for a period not to exceed fifteen days after the date of the last shipment of the contract.

Source

Annotations

  • Grain sellers claims on grain dealer's bond denied because claims were not filed with the Public Service Commission within 10 days of apparent loss. Fecht v. Quality Processing, 244 Neb. 522, 508 N.W.2d 236 (1993).

  • A buyer's failure to give the seller a proper receipt as required by section 75-904 does not render null and void the time requirements of this section to preserve a claim against the buyer's security pursuant to section 75-906. Fecht v. The Bunnell Co., 243 Neb. 1, 497 N.W.2d 50 (1993).