PIERCE, Neb. (US92/KTIV) - ?Farmers in northeast Nebraska are searching for answers after a grain elevator was suddenly taken over by the state of Nebraska.During an emergency meeting of the Nebraska Public Service Commission Wednesday morning, it was decided that the Pierce Elevator Inc would be closed and taken over by state officials.
Commission officials say the president of Pierce Elevator voluntarily surrendered his licenses, his grain warehouse and his grain dealer license Wednesday.
John Fecht, NPSC Grain Director said, "It came to that point because the funding for the elevator, through Citizens State Bank, had been lost. They weren't willing to continue to provide a line of credit for operation purposes. The funding was gone, and that really caused problems going forward."
The good news so far is that no jobs are being affected by the move.
The not so good news is what this means for farmers who have grain contracts with Pierce Elevator.
All of the titles to the grain contracts at each location in Pierce, Foster and Randolph were seized and the NPSC is saying that until they have a chance to review the company's records, they aren't sure what the status of those contracts will be.
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