§ 4.1-58-32 — Termination of public grain warehouse storage contracts - Notice to receiptholder

receiptholder.
1. A storage contract terminates on the date identified in the publication required by
section 4.1-58-19. If a different termination date is not identified in the publication, a
storage contract on grain in a public grain warehouse terminates on June thirtieth of
each year, except for a storage contract on dry edible beans which terminates on April
thirtieth of each year.
2. Storage of grain in a public grain warehouse may be terminated by the receiptholder at
any time before the applicable date by the payment of all legal charges and the
surrender of the warehouse receipt, with a demand for delivery of the grain in storage,
or notice to the public warehouseman to sell the stored grain.
3. Upon the expiration of the storage contract, the warehouseman is not obligated to
renew the storage contract.
4. At least thirty days before the termination date of a storage contract, the public
warehouseman shall notify the receiptholder by mail of the warehouseman's intention
to terminate the storage contract on the date identified in the storage contract, unless
the receiptholder, before that time, demands redelivery, authorizes sale, extends the
storage contract, or enters a new contract with the public warehouseman for
restorage. Failure to notify the receiptholder, as required by this section, results in the
forfeiture of storage charges accrued for the grain during the previous twelve months.
5. In the absence of a demand for delivery, an order to sell, or an agreement between the
public warehouseman and the receiptholder for storage after the termination date of
the storage contract, the warehouseman, upon the expiration of the storage contract,
may sell at the local market price on the close of business on that day, all stored grain
of the receiptholder and tender to the receiptholder the proceeds of the sale, less
accrued storage charges and the public warehouseman's advances upon any previous
storage contract of the receiptholder.