§ 4.1-58-43 — Licensed warehouse capacity and condominium storage

1. Unless an entire warehouse facility is used for nonpublic purposes, all physically
connected portions of the facility must be licensed in accordance with this chapter.
2. The warehouseman shall issue receipt memoranda for all grain received.
3. Facilities that are physically connected to the licensed warehouse may be sold under a
condominium arrangement or leased to other entities for nonpublic use and sales and
lease agreements must be based on the capacity of the bins involved and not on the
number of bushels held in the space.
4. The licensee shall provide contents insurance and bond coverage for the space.
5. If a licensee becomes insolvent, the contents of the space must be considered an
asset to the trust fund established under this chapter and owners and lessees are
entitled to trust fund protection in a manner equal to all other valid grain receiptholders.