Iowa Farmers Purchasing Ass'n, Inc. v. Huff

RAWLINGS, Justice.

Defendants appeal from declaratory judgment holding discount privileges sold by plaintiff corporation to qualifying farmers alone did not come within the ambit of Chapter 503, The Code 1975. We reverse.

Basically essential to an understanding of the instant controversy are two statutory enactments.

First, § 503.4 provides, in relevant part:

“No association contemplated by this chapter shall issue any membership until it shall have procured from the commissioner of insurance a certificate of authority authorizing it to engage in such business.”

Next, § 503.2 states:

“The term…