Grain for which a grain bank receipt is issued must be received and stored for processing.
Storage charges must be paid by the owner at rates prescribed by section
from ten days
after the date on which the grain is delivered to the grain bank until the date the grain or processed
grain represented by a grain bank receipt is redelivered to the owner of the grain. Storage charges
must be computed and recorded at the time of the redelivery of grain or processed grain to the
owner or at the time of sale by the owner. If grain evidenced by a grain bank receipt is not
processed or is not sold to the operator of the grain bank, the grain's owner or the owner's
authorized agent may obtain redelivery of grain of the kind, quantity, and grade shown on the
grain bank receipt covering that grain, if the owner or the authorized agent pays the grain bank
operator a delivery charge. Sections
do not authorize the storage of grain or the
issuance of a grain bank receipt for grain that is not intended, when received at the grain bank, to
be redelivered to the owner of the grain or an authorized agent as a part of mixed or as otherwise
processed feeds within a reasonable time after receipt.
History: 1961 c 232 s 4; 1986 c 444; 1987 c 384 art 2 s 1; 1989 c 197 art 6 s 1