Mo. Code Regs. tit. 2 § 60-5.020

Current through Register Vol. 49, No. 21, November 1, 2024.

Section 2 CSR 60-5.020 - Interpretive Rule

PURPOSE: This rule explains the interpretation made by the Missouri Department of Agriculture of provisions contained in sections 276.401-276.582, RSMo which may be confusing or subject to differing interpretations by interested members of the public.

(1) The provisions of section 276.426(2), RSMo, is deemed to mean-

(A) Payment for grain delivered and sold to a licensed grain dealer, with final price established at or prior to delivery, is covered under the grain dealer's security;

(B) Payment of the agreed-upon minimum price of any valid minimum price contract pursuant to 276.461(10), RSMo is covered by the grain dealer's security; and

(C) Except as provided in section (2) of this rule, payment for grain delivered to a licensed grain dealer for which title has transferred to the licensed grain dealer prior to final price being established is not covered under the grain dealer's security.

(2) For the purposes of determining coverage under the licensed grain dealer's security, grain for which a check was issued as payment by a licensed grain dealer that was not paid by the grain dealer's bank, for whatever reason, shall be deemed to be a grain dealer obligation as if the check was never written (priced but unpaid, deferred payment, delayed price, or minimum price).

2 CSR 60-5.020

AUTHORITY: section 276.406, RSMo Supp. 1999.* Original rule filed March 15, 1982, effective June 11, 1982. Rescinded and read-opted: Filed Oct. 25, 1999, effective June 30, 2000.

*Original authority: 276.406, RSMo 1980, amended 1986, 1993, 1995.