Section 411.515

Title XXVI TRADE AND COMMERCE

Chapter 411

Effective - 28 Aug 1977   

  411.515.  Inventory required to be maintained — documents required to establish inventory. — 1.  Every warehouseman shall maintain stored grain inventories of sufficient quantities, qualities and grade to meet at all times his storage obligations.  Failure to maintain required inventories is a violation of this chapter.

  2.  Grain evidenced by outstanding and uncancelled negotiable warehouse receipts shall be maintained in the specific warehouse facility shown on the warehouse receipt issued when the grain was deposited originally.  For the purposes of this chapter each separate warehouse facility must maintain such an inventory for negotiable warehouse receipts issued by it at that location.

  3.  Inventories representing stored grain obligations other than those described in subsection 2 of this section shall be represented by:

  (1)  Grain actually held in the warehouseman's licensed warehouse facility;

  (2)  Receipts or tickets for grain stored in a licensed warehouse in Missouri;

  (3)  Receipts or tickets for grain stored in a warehouse facility licensed under the United States Warehouse Act;

  (4)  Receipts or tickets issued by a warehouse facility located outside of the state of Missouri upon a determination by the director that such receipts or tickets are issued by a person who, due to his net worth, his having posted a cash or surety bond, which may include an irrevocable letter of credit in a form acceptable to the director, or his having otherwise satisfied the director that the integrity of the grain will be maintained, is able to protect the stored grain.

  4.  All stored grain shall be maintained in licensed facilities.

  5.  Title to any grain which is forwarded to any other warehouse for storage shall be evidenced as prescribed by the director by rule.

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(L. 1977 S.B. 75 § 6)