A warehouseman shall not purchase grain by a credit-sale contract except as provided
in this section. All credit-sale contracts must be in writing and must be consecutively numbered
at the time of printing the contract. The warehouseman shall maintain an accurate record of all credit-sale contract numbers,
including the disposition of each numbered form, whether by execution, destruction,
or otherwise. Each credit-sale contract must contain or provide for all of the following:
1. The seller's name and address.
2. The conditions of delivery.
3. The amount and kind of grain delivered.
4. The price per unit or basis of value.
5. The date payment is to be made.
6. The duration of the credit-sale contract.
7. Notice in a clear and prominent manner that the sale is not protected by the bond
coverage provided for in section 60-02-09. However, if the warehouseman has obtained bond coverage in addition to that required
by section 60-02-09 and such coverage extends to the benefit of credit-sale contracts, the warehouseman
may state the same in the credit-sale contract along with the extent of such coverage.
The contract must be signed by both parties and executed in duplicate. One copy shall be retained by the warehouseman and one copy shall be delivered to
the seller. Upon revocation, termination, or cancellation of a warehouseman's license, the payment
date for all credit-sale contracts shall, at the seller's option, be advanced to a
date not later than thirty days after the effective date of the revocation, termination,
or cancellation, and the purchase price for all unpriced grain shall be determined
as of the effective date of revocation, termination, or cancellation in accordance
with all other provisions of the contract. When a public warehouse is transferred under this chapter, credit-sale contracts
may be assigned to another licensed public warehouseman or facility-based grain buyer.
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