- 5 -
to MCP the number of bushels provided in the UMA. Both Mr. Fultz
and Mrs. Fultz executed UMAs for 1993, 1994, and 1995.
b. UMAs Between MCP and Petitioners
Mr. Fultz executed UMAs dated October 18, 1993, and October
1, 1996. Mrs. Fultz executed a UMA dated October 18, 1993.
Petitioners jointly executed UMAs dated April 14, 1982, and
October 1, 1991. Collectively, their units and the UMAs defined
the scope of petitioners’ obligation to MCP.
Pursuant to the UMAs between petitioners and MCP,
petitioners were obligated to deliver to MCP a certain amount of
corn during each processing year.4 The UMAs outlined the terms
with respect to production, processing, and marketing of the
corn. Specifically, the UMAs executed by petitioners obligated
MCP to process the grain each year in a manner it deemed to be in
the best interests of the cooperative and its members and to
market the processed corn products at the best price that could
be obtained on the open market. Petitioners were obligated to
acquire and deliver the corn to MCP. In the UMAs, petitioners
appointed MCP as their agent in both the selling and marketing of
the corn committed to MCP. In addition, MCP had “sole and
4MCP’s processing year started on the first day of October
of each year and ended on the last day of September of the
following year.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011