With harvest season about to get underway the Nebraska Public Service Commission (PSC) encourages producers to make sure they are familiar with Nebraska Grain Laws.
“Producers need to understand the law when it comes to protecting their assets,” said John Fecht, PSC Grain Department Director. “If certain requirements aren’t met, they could find themselves empty handed should a grain dealer go out of business.”
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 15 days after completion of their contract will be unsecured creditors of that dealer and forfeit any protection from the grain dealers security.
Fecht said, “The law makes it clear. Producers must demand payment within the set timeframe to ensure they are covered.”
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.
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Information provided by the Nebraska Public Service Commission.