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223.175 WRITTEN VOLUNTARY EXTENSION OF CREDIT CONTRACTS; FORM.
A written confirmation required under section 223.177, subdivision 2, and a written
voluntary extension of credit contract must include those items prescribed by the commissioner
by rule. A contract shall include a statement of the legal and financial responsibilities of grain
buyers and sellers established in this chapter. A contract shall also include the following statement
in not less than ten point, all capital type, framed in a box with space provided for the seller's
signature: "THIS CONTRACT CONSTITUTES A VOLUNTARY EXTENSION OF CREDIT.
THIS CONTRACT IS NOT COVERED BY ANY GRAIN BUYER'S BOND." If a written
contract is provided at the time the grain is delivered to the grain buyer, the seller shall sign
the contract in the space provided beneath the statement. A transaction that does not meet the
provisions of a voluntary extension of credit, including the issuance and signing of a voluntary
extension of credit contract, is a cash sale.
History: 1983 c 374 s 9; 2000 c 477 s 62

Official Publication of the State of Minnesota
Revisor of Statutes