North Dakota Century Code Title 60. Warehousing and Deposits § 60-02.1-27. Going out of business--Redemption of receipts

If a facility-based grain buyer ceases business through closure, the destruction of a facility by fire or other cause, or through insolvency, the grain buyer shall redeem all outstanding receipts at the price prevailing on the date the facility was closed, destroyed, or became insolvent.  The holder of the receipts, upon due notice, shall accept this price and surrender the receipts.  Any facility-based grain buyer who voluntarily ceases business or fails to renew an existing grain buyer license or whose grain buyer license is revoked shall notify the commissioner and all receiptholders of such closing and redeem all such receipts at the price prevailing on the date the business closed or at the option of the owner of the receipt redeliver the kind, grade, and quantity of grain called for by the receipt.  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.