S.D. regulators review grain-sale rules after seed company's failure

06/5/2013 | Daily Republic (Mitchell, S.D.), The

The South Dakota Public Utilities Commission is seeking new rules that would allow voluntary credit sales of harvested crops after a judge ruled in favor of one of several farmers owed a total of $2.6 million by the failed grain buyer. The farmer had been told by the commission that he couldn't share in proceeds from a $100,000 surety bond because it didn't cover voluntary credit sales. The farmer hadn't signed the contract with Anderson Seed, however, leading the judge to find it invalid. The bond, which the grain buyer obtained to secure a state license, was the only monetary recourse for farmers.

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