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If a facility-based grain buyer desires to transfer a facility, either by sale or lease to any other individual, firm, or corporation, the grain buyer shall:
1. Notify the commissioner first of its intention to transfer the facility, giving the name and address of the proposed lessee or purchaser.
2. Provide related information as may be required by the commissioner.
3. Surrender to the commissioner the grain buyer's license for cancellation and at that 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, whereupon, it first being duly satisfied that all the outstanding receipts have been redeemed, or that the redemption thereof has been provided for, the commissioner may permit a new license to become effective for the lessee or purchaser.
No sale, lease, or transfer of any facility will be recognized by the commissioner except when made in accordance with the provisions of this section.
Cite this article: FindLaw.com - North Dakota Century Code Title 60. Warehousing and Deposits § 60-02.1-26. Transfer of facility--Redemption of receipts - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-60-warehousing-and-deposits/nd-cent-code-sect-60-02-1-26/
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