47-7206. Termination of storage at warehouse's
option
A. A warehouse, by giving notice to the person on whose account the goods are held
and any other person known to claim an interest in the goods, may require payment of any
charges and removal of the goods from the warehouse at the termination of the period of
storage fixed by the document of title or, if a period is not fixed, within a stated
period not less than thirty days after the warehouse gives notice. If the goods are not
removed before the date specified in the notice, the warehouse may sell them pursuant to
section 47-7210.
B. If a warehouse in good faith believes that goods are about to deteriorate or
decline in value to less than the amount of its lien within the time provided in
subsection A of this section and section 47-7210, the warehouse may specify in the notice
given under subsection A of this section any reasonable shorter time for removal of the
goods and, if the goods are not removed, may sell them at public sale held not less than
one week after a single advertisement or posting.
C. If, as a result of a quality or condition of the goods of which the warehouse
did not have notice at the time of deposit, the goods are a hazard to other property, the
warehouse facilities or other persons, the warehouse may sell the goods at public or
private sale without advertisement or posting on reasonable notification to all persons
known to claim an interest in the goods. If the warehouse, after a reasonable effort, is
unable to sell the goods, it may dispose of them in any lawful manner and does not incur
liability by reason of that disposition.
D. A warehouse shall deliver the goods to any person entitled to them under this
chapter on due demand made at any time before sale or other disposition under this
section.
E. A warehouse may satisfy its lien from the proceeds of any sale or disposition
under this section but shall hold the balance for delivery on the demand of any person to
which the warehouse would have been bound to deliver the goods.
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