236.05 DUTIES OF GRAIN BANK OPERATOR.
Subdivision 1. Insurance.
The operator of the grain bank shall keep all stored grain insured
against loss by fire, windstorm, and extended coverage risks for the account of the owner and
furnish the department with the evidence it requires that the insurance is in force.
Subd. 2. Receipt and storage of grain.
The grain bank operator shall determine the
quantities, kinds, and grades of grain to be received from a depositor, and grain equal to the grade
shown on the receipt to be due the owner of the grain on redelivery must be used in the delivery
back to the owner. Commingling of like kinds of grain and the addition to the grain of materials
used in the lawful formulation of mixed feeds are permitted as required by the depositor of the
grain. If, through no fault of the grain bank operator, redelivery of grain equal to the grade shown
on the receipt cannot be made, then redelivery to the owner of a lesser grade may be made if the
operator pays to the owner in money the difference in market value between the two grades.
Subd. 3. Deliveries of processed feeds.
Deliveries of mixed or otherwise processed feeds
formulated from grain bank stocks must be at intervals of time and in quantities that are mutually
agreeable to the grain owner and the grain bank operator.
Subd. 4. Separate records.
The operator of a grain bank shall keep separate records for each
customer of the balances that remain between the grain bank operator and the owner of grain who
has deposited grain in the grain bank, including but not limited to the charges made under section
and the figures that support all balances shown.
Subd. 5. Grain on hand.
The operator of the grain bank shall keep on hand at all times grain
sufficient to cover all outstanding storage receipts and outstanding grain bank receipts balances.
History: 1961 c 232 s 5; 1971 c 25 s 67; 1989 c 197 art 6 s 1