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A licensee is insolvent when the licensee refuses, neglects, or is unable upon proper written demand, including electronic communication, to make payment for grain purchased or marketed by the licensee or is unable to make redelivery upon proper written demand, including electronic communication. The licensee may not assess receiving or redelivery fees on grain that is redelivered during a suspension, following a revocation, or when the owner of the grain is taking redelivery because the licensee is unable to pay for the grain.
Cite this article: FindLaw.com - North Dakota Century Code Title 60. Warehousing and Deposits § 60-02.1-28. Insolvency of grain buyer - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-60-warehousing-and-deposits/nd-cent-code-sect-60-02-1-28.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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