As harvest season gets underway the Nebraska Public Service Commission reminds producers to familiarize themselves with Nebraska Grain Laws.
“When it comes to protecting their assets, it is important for producers to know the law and how it will affect their business,” said John Fecht, PSC Grain Department Director.
Under the Grain Dealer Act if a producer/seller wants to ensure their transactions with a grain dealer are covered by the grain dealer’s security posted with the PSC, they must demand payment within 15 days of completion of their contract with the dealer. Producers/sellers who choose not to demand payment within the 15 days after completion of their contract will be unsecured creditors of that dealer and forfeit any protection from the grain dealer’s security.
Fecht said, “By knowing the law and demanding payment within the set timeframe producers can save themselves time and money should a grain dealer go out of business.”
Grain Warehouse operators are also reminded by the PSC of the Emergency Storage Policy. In order to store grain on the ground, an Emergency Storage application must be filed with, and approved by the PSC. The Emergency Storage application can be found on the Grain Department page of the PSC website or by clicking here.