Klipp v. Iowa Grain Indemnity Fund Board

LARSON, Justice.

This is an appeal by the Iowa Grain Indemnity Fund Board from a judgment of the district court allowing indemnity to farmers who sold grain to an insolvent purchaser. See Iowa Code ch. 543A (1989) (now chapter 203D (1993)). We reverse and remand.

During October and November 1990, Carl and Gregory Klipp delivered corn and soybeans to the Packwood Farmers Elevator, a facility owned by the Des Moines Grain Company. Des Moines Grain held both a grain dealers license and a grain warehouse license from the Iowa Department of Agriculture and Land Stewardship.

When the Klipps delivered…