Section 411.327

Title XXVI TRADE AND COMMERCE

Chapter 411

Effective - 28 Aug 1977   

  411.327.  Grain bank grain, how treated. — Grain which is deposited in a warehouse for processing and which is commonly referred to as grain bank grain shall be considered to be storage grain.  Grain bank grain shall be entered into the records of the warehouseman as a storage obligation in the same manner as other storage grain.  The grain deposited for grain bank purposes may be accounted for on a separate record.  Grain bank grain shall be accounted for on an individual depositor basis and shall not be shown as a total grain bank grain obligation.  The records for grain bank grain shall be kept on a pounds or bushels basis for the various kinds of grain deposited.  Records for grain bank grain may be kept on a monetary basis only if a check is issued or actual payment made at the time of delivery of the grain to the warehouse.  If records are kept on a monetary basis, the warehouseman shall furnish written proof of payment to the director or his authorized agent upon request.  The director is authorized to adopt and enforce any procedures and regulations necessary to assure the protection of grain bank obligations in the conduct of grain bank operations in warehouses.

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(L. 1977 S.B. 75 § 8)