§ 4.1-58-39 — Transfer of warehouse - Redemption of receipts

1. If a public warehouseman desires to transfer a warehouse, either by sale or lease to
any other person, the warehouseman shall:
a. Notify the commissioner of the warehouseman's intention to transfer the
warehouse, giving the name and address of the proposed lessee or purchaser.
b. Furnish a statement of all proper claims that may be filed or pending against the
warehouseman pertaining to the storage, inspection, and marketing of grain, with
a statement of:
(1) The number of bushels of grain of each kind and grade in store in the
warehouse;
(2) The number and amount of receipts outstanding; and
(3) The names and addresses of the receiptholders.
c. Serve notice by registered mail, at least thirty days before the transfer, upon all
receiptholders having claims against the warehouse to call for delivery of the
grain covered by the receipts, and to pay all storage charges due, the
warehouseman to make no charge for redelivery. The commissioner may waive
the thirty-day notice period upon receipt of written consent of all receiptholders.
d. Transfer all stored grain undelivered at the expiration of the thirty-day period to
the warehouseman's successor, if licensed, or to the nearest licensed warehouse
for restorage, taking receipts for the restorage for the owner of the grain
transferred.

e. Surrender to the commissioner the warehouseman's license for cancellation, at
which time the proposed lessee or purchaser shall file in due form for a new
license and tender a new bond for review by the commissioner, at which time, the
commissioner, first being duly satisfied all the outstanding receipts have been
redeemed, or that the redemption of all outstanding receipts has been provided
for, the commissioner may permit a new license to become effective for the
lessee or purchaser.
2. A sale, lease, or transfer of any warehouse may not be recognized by the
commissioner except when made in accordance with this section.