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Nevada, Iowa | Dad and I were just having a nice visit today and we started recalling some old times. We got into a discussion regarding an elevator bankruptcy that we were involved in. Long story short, elevator went down and another took over, we came out OK due to wh receipts.
Dad got to wondering about forward contracts. If a buyer runs into financial trouble, how are fwd. contracts handled. I read thru one tonight and it seems very binding on the sellers part (as one would suspect) the language regarding the buyer seems binding also but not as stringent in this case. I think, in Iowa, wh grain is protected by law and governed by the commerce commission, what about contracts?Anyone have any experience? | |
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Ray J. or any qualified answer
