The Nebraska Public Service Commission (PSC) wants to remind producers and dealers of the importance of familiarizing themselves with Nebraska Grain laws when it comes to grain dealers.
It is important for a producer/seller to ensure they are working with a grain dealer licensed to do business in the state of Nebraska. A list of grain dealers licensed in Nebraska can be found on the Grain Department page of the PSC website. If a grain dealer is not licensed in Nebraska and the producer sells grain to that dealer, the producer will have no protection under Nebraska law.
The PSC reminds grain dealers state law (§75-903.) requires them to hold a Nebraska license in order to do business with producers/sellers from Nebraska.
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 dealer’s security.