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Federal Warehouse Operation License

Jun 24, 2020

On April 23, 2020 Mid-Iowa Cooperative transitioned from a State Warehouse License to a Federal Warehouse License.  Due to State guidelines, this notification has been placed in the Spokesman and the Des Moines Register.   We have received a couple inquiries on this transition to the Federal Warehouse License.  Mid-Iowa Cooperative has always had a successful relationship with the State of Iowa.  Our financial and yearly audit have always been in good standing.  Mid-Iowa cooperative will continue to hold a State of Iowa Grain Dealers License, but our warehouse license has been moved to Federal status.  

The main reason to switch from a State to Federal Warehouse License was to be in a better position to protect Mid-Iowa Cooperative’s members equity from grain expense debt.   Recently, there has been a court ruling that has challenged State warehouses to collect grain expenses (i.e. storage and drying) off a grain check and in front of UCC (Uniform Commercial Code) liens.   After research and legal advice, the Board of Directors decided that Mid-Iowa Cooperative would transition to a Federal Warehouse License, further protecting Mid-Iowa Cooperative and its members under the United States Warehouse Act

If you have any questions please call the Marketing Office at 641-366-2740, Jessi Sorensen at Cedar Falls  319-266-0775, Rick Ogle at La Porte City 319-342-3013 or Kathy Kucera at Midway 641-484-4927.
 


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