Indiana Statutes
§ 26-3-7-15 — Grain inventories; sufficiency for outstanding warehouse receipts or other storage obligations
Indiana·Title 26 COMMERCIAL LAW·Art. 3 WAREHOUSES·Ch. 7 Indiana Grain Buyers and Warehouse Licensing and
(a)A licensee shall maintain inventories of
sufficient quantity and grade of grain to meet the licensee's storage
obligations.
(b)Inventories representing grain evidenced by outstanding
warehouse receipts shall be maintained in the warehouse shown on the
warehouse receipt issued by the warehouse in which the grain was
originally deposited.
(c)Inventories representing storage obligations other than those
evidenced by warehouse receipts may be represented by:
(1)receipts for grain stored in a facility licensed under this
chapter;
(2)receipts in a warehouse licensed and bonded under the
warehouse act; or
(3)other warehouse receipts or tickets as approved by the
director.
Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120,
SEC.9. As amended by Acts 1979, P.L.249, SEC.9; P.L.125-1997
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Short title; application§ 26-1-1-104
Construction against implicit repeal§ 26-1-1-105
Repealed§ 26-1-1-106
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Severability