With the start of harvest, the Nebraska Public Service Commission (PSC) reminds producers of the need to familiarize themselves with Nebraska Grain Laws.
“Understanding the law is key when it comes to protecting ones assets,” said Mike Bartels, PSC Grain Department Director. “Producers could be left holding the bag should a dealer go out of business and certain requirements haven’t been met.”
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.
Bartels said, “The law is clear. It is the responsibility of the producers to 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. The Emergency Storage Application can be found on the Grain Department page of the PSC website