CHAPTER 399

FORMERLY

HOUSE BILL NO. 395

AS AMENDED BY HOUSE AMENDMENT NO. 1

AN ACT TO AMEND TITLE 3, DELAWARE CODE, RELATING TO GRAIN CONTRACTS OF SALE, DISCOUNT RATES, AND TEST WEIGHT RATES.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend Chapter 16, Title 3. Delaware Code, by designating the existing Chapter sections as "Subchapter I - Grain Testing Devices"; redesignating the Chapter as "Chapter 16. Grain Testing and Grain Contracts"; and adding a new subchapter II to read as follows:

"Subchapter II - Grain Contracts of Sale, Discount Rates, and Test Weight Rates.

§ 1611. Grain Contracts of Sale, Discount Rates and Test Weight Rates.

(a) Subject to any contractual provision to the contrary, and based upon whatever market the contracting parties agree to:

(1) The discount rates for foreign material and moisture content may not be any higher than the discount rates that prevail on the day the contract is formed.

(2) The test weight rates may not be any higher than the test weight rates that prevail on the day the contract is formed.

(b) This Section applies to any contract for the sale of grain entered into in this state provided the date of delivery is less than one year after the day the contract is formed."

Section 2. This Act shall be construed only prospectively and may not be applied or interpreted to have any effect on or application to any contract for the sale of grain entered into before the effective date of this Act.

Approved June 27, 1996