§ 4.1-58-40 — Going out of business - Redemption of receipts

North Dakota § 4.1-58-40

• Jurisdiction: North Dakota
• Title 4.1: Agriculture
• Ch. 4.1-58: Grain and Seed Warehouses

Text

1. If a public warehouseman ceases business through the destruction of a warehouse by
fire or other cause, or through insolvency, the warehouseman shall redeem all
outstanding unconverted scale tickets or warehouse receipts at the price prevailing on
the date the warehouse was destroyed or closed because of insolvency. The holder of
the receipts, upon due notice, shall accept this price and surrender the receipts.
2. A public warehouseman that voluntarily ceases business or fails to renew an existing
warehouse license or has the warehouse license revoked shall notify the
commissioner and all outstanding receiptholders of the closing and redeem all
outstanding unconverted scale tickets or warehouse receipts at the price prevailing on
the date the warehouse closed or at the option of the owner of the receipt redeliver the
kind, grade, and quantity of grain called for by the unconverted scale ticket or
warehouse receipt.
3. On commingled grain the value of over and under deliveries in quantity, grade, and
protein must be settled in cash and priced on the market on the day of closing.