199.16 - PERMIT HOLDER'S BOND. - Iowa Statutes

199.16 PERMIT HOLDER'S BOND. It is unlawful for the permit holder to enter into a contract with a grower who purchases agricultural seed in which the permit holder agrees to repurchase the seed crop produced from the purchased seed at a price in excess of the current market price, unless the permit holder has on file with the department a bond, in a penal sum of twenty-five thousand dollars running to the state of Iowa, with sureties approved by the secretary, for the use and benefit of a person holding a repurchase contract who might have a cause of action of any nature arising from the purchase or contract. However, the aggregate liability of the surety to all purchasers of seed holding repurchase contracts shall not exceed the sum of the bond.          Section History: Early Form [C58, 62, 66, 71, 73, 75, 77, 79, 81, § 199.16; 82 Acts, ch 1191, § 15]          Section History: Recent Form 85 Acts, ch 84, §1 Referred to in § 199.1