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North Dakota Century Code Title 60. Warehousing and Deposits § 60-02-40. Transfer of warehouse--Redemption of receipts

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If a public warehouseman desires to transfer a warehouse, either by sale or lease to any other individual, firm, or corporation, the warehouseman shall:

1. Notify the commissioner first of the warehouseman's intention to transfer the warehouse, giving the name and address of the proposed lessee or purchaser.

2. Furnish a statement of all proper claims that may be filed or pending against the warehouseman pertaining to the storage, inspection, and marketing of grain, together with a statement of:

a. The number of bushels [cubic meters] of grain of each kind and grade in store in the warehouse;

b. The number and amount of receipts outstanding;  and

c. The names and addresses of the receiptholders.

3. Serve notice by registered or certified mail, at least thirty days before the transfer, upon all receiptholders having claims against the warehouse to call for delivery of the grain covered by the receipts, and to pay all storage charges due, the warehouseman in such case to make no charge for redelivery.  The commissioner may waive the thirty-day notice period upon receipt of written consent of all receiptholders.

4. Transfer all stored grain undelivered at the expiration of such thirty-day period to the warehouseman's successor, if licensed, or to the nearest licensed warehouse for restorage, taking receipts for the same in favor of the owner of the grain so transferred.

5. Surrender to the commissioner the warehouseman's license for cancellation, at which 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, at which time, the commissioner, first being duly satisfied all the outstanding receipts have been redeemed, or that the redemption of all outstanding receipts 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 warehouse will be recognized by the commissioner except when made in accordance with the provisions of this section.

Cite this article: - North Dakota Century Code Title 60. Warehousing and Deposits § 60-02-40. Transfer of warehouse--Redemption of receipts - last updated January 01, 2020 |

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