Delivery of grain to warehouse--procedure--contract--grain deemed forstorage, when--deferred pricing and deferred payment and minimumprice agreements--transactions not covered by bond--all grain deemedstorage covered by bond.
411.325. 1. At the time of delivery of grain to any public warehousethe scale ticket shall be marked to indicate whether the grain is deliveredfor storage, for sale or for some other purpose.
2. All grain received at a licensed public warehouse shall be deemedto be storage grain within the meaning of this chapter, unless:
(1) Payment for the grain is made upon delivery to the warehouseman;or
(2) At the time of delivery of the grain to the warehouseman, thepurchase price is established, documented as prescribed by the director,and payment made within thirty days or the account is entered, asprescribed by the director, onto a formal settlement sheet within the samethirty-day period. Further, when an account is so entered onto a formalsettlement sheet payment shall be made within one hundred eighty days ofdelivery. If payment is not so made within one hundred eighty days ofdelivery, a formal written contract as provided for in subsection 4 of thissection shall be executed.
3. All grain received at any warehouse not licensed under thischapter shall be deemed to be grain held for storage within the meaning ofthis chapter, unless:
(1) The sale price for the grain has been established; and
(2) Payment made by the warehouseman and received by the owner of thegrain within thirty days from the delivery of the grain to the warehouse;or
(3) A formal written contract as provided for in subsection 4 of thissection is executed.
4. A warehouseman and a seller of grain may agree that payment orpricing of the seller's grain be deferred to a future date. The agreementshall be in writing, dated and shall contain a statement informing theseller that the seller is relinquishing title and all rights of ownershipin the grain. The director may require any additional information from awarehouseman that he deems necessary to protect the interests of the sellerof grain in these transactions. Failure to provide such additionalinformation, upon request, shall be deemed a violation of this chapter.Grain received under a deferred payment or deferred pricing agreement underthe provisions of this section shall not be deemed to be stored grain. Forthe purposes of this section, minimum price, deferred price and deferredpayment contracts are not deemed valid unless they contain all thestatements required by section 276.461, RSMo, and are signed by both thebuyer and seller or their authorized representatives. Grain represented byan invalid deferred pricing contract shall be deemed storage grain for thepurposes of this chapter. Grain represented by an invalid deferred paymentcontract shall be deemed storage grain for the purposes of this chapter ifpayment has not been made within one hundred eighty days of delivery asrequired in subsection 2 of this section. Only class I grain dealers mayenter into deferred price, minimum price or deferred payment agreements.
5. The following transactions shall not be covered by thewarehouseman's bond:
(1) Any sale of grain evidenced by a check written by thewarehouseman, received and accepted by the seller. Any check returned forany reason shall be evidence of a sales transaction; or
(2) Any sale of grain evidenced by a promissory note accepted by theseller. To be considered a promissory note, the note must contain thesignature of both seller and buyer, date the note was executed, dollaramount of the note, payment terms, and interest rate; or
(3) Any sale of grain delivered to the warehouse pursuant to andevidenced by a grain purchase contract and treated as sold grain pursuantto the provisions of subsection 2 or 4 of this section.
6. The warehouseman's bond shall cover all grain deemed storagepursuant to the provisions of this section.
7. Grain originally received at a warehouse as storage grain andsubsequently sold by the depositor to the warehouseman shall be consideredreceived at the warehouse at the time of sale and shall be treated as grainsold or stored, as applicable, pursuant to the provisions of subsection 2of this section as if at the time of physical delivery, the grain had beenpriced. The thirty-day, one hundred eighty-day and written contractprovisions of subsection 2 of this section apply to these transactionscommencing at the time of sale.
Delivery of grain to warehouse--procedure--contract--grain deemed forstorage, when--deferred pricing and deferred payment and minimumprice agreements--transactions not covered by bond--all grain deemedstorage covered by bond.
411.325. 1. At the time of delivery of grain to any public warehousethe scale ticket shall be marked to indicate whether the grain is deliveredfor storage, for sale or for some other purpose.
2. All grain received at a licensed public warehouse shall be deemedto be storage grain within the meaning of this chapter, unless:
(1) Payment for the grain is made upon delivery to the warehouseman;or
(2) At the time of delivery of the grain to the warehouseman, thepurchase price is established, documented as prescribed by the director,and payment made within thirty days or the account is entered, asprescribed by the director, onto a formal settlement sheet within the samethirty-day period. Further, when an account is so entered onto a formalsettlement sheet payment shall be made within one hundred eighty days ofdelivery. If payment is not so made within one hundred eighty days ofdelivery, a formal written contract as provided for in subsection 4 of thissection shall be executed.
3. All grain received at any warehouse not licensed under thischapter shall be deemed to be grain held for storage within the meaning ofthis chapter, unless:
(1) The sale price for the grain has been established; and
(2) Payment made by the warehouseman and received by the owner of thegrain within thirty days from the delivery of the grain to the warehouse;or
(3) A formal written contract as provided for in subsection 4 of thissection is executed.
4. A warehouseman and a seller of grain may agree that payment orpricing of the seller's grain be deferred to a future date. The agreementshall be in writing, dated and shall contain a statement informing theseller that the seller is relinquishing title and all rights of ownershipin the grain. The director may require any additional information from awarehouseman that he deems necessary to protect the interests of the sellerof grain in these transactions. Failure to provide such additionalinformation, upon request, shall be deemed a violation of this chapter.Grain received under a deferred payment or deferred pricing agreement underthe provisions of this section shall not be deemed to be stored grain. Forthe purposes of this section, minimum price, deferred price and deferredpayment contracts are not deemed valid unless they contain all thestatements required by section 276.461, RSMo, and are signed by both thebuyer and seller or their authorized representatives. Grain represented byan invalid deferred pricing contract shall be deemed storage grain for thepurposes of this chapter. Grain represented by an invalid deferred paymentcontract shall be deemed storage grain for the purposes of this chapter ifpayment has not been made within one hundred eighty days of delivery asrequired in subsection 2 of this section. Only class I grain dealers mayenter into deferred price, minimum price or deferred payment agreements.
5. The following transactions shall not be covered by thewarehouseman's bond:
(1) Any sale of grain evidenced by a check written by thewarehouseman, received and accepted by the seller. Any check returned forany reason shall be evidence of a sales transaction; or
(2) Any sale of grain evidenced by a promissory note accepted by theseller. To be considered a promissory note, the note must contain thesignature of both seller and buyer, date the note was executed, dollaramount of the note, payment terms, and interest rate; or
(3) Any sale of grain delivered to the warehouse pursuant to andevidenced by a grain purchase contract and treated as sold grain pursuantto the provisions of subsection 2 or 4 of this section.
6. The warehouseman's bond shall cover all grain deemed storagepursuant to the provisions of this section.
7. Grain originally received at a warehouse as storage grain andsubsequently sold by the depositor to the warehouseman shall be consideredreceived at the warehouse at the time of sale and shall be treated as grainsold or stored, as applicable, pursuant to the provisions of subsection 2of this section as if at the time of physical delivery, the grain had beenpriced. The thirty-day, one hundred eighty-day and written contractprovisions of subsection 2 of this section apply to these transactionscommencing at the time of sale.
Delivery of grain to warehouse--procedure--contract--grain deemed forstorage, when--deferred pricing and deferred payment and minimumprice agreements--transactions not covered by bond--all grain deemedstorage covered by bond.
411.325. 1. At the time of delivery of grain to any public warehousethe scale ticket shall be marked to indicate whether the grain is deliveredfor storage, for sale or for some other purpose.
2. All grain received at a licensed public warehouse shall be deemedto be storage grain within the meaning of this chapter, unless:
(1) Payment for the grain is made upon delivery to the warehouseman;or
(2) At the time of delivery of the grain to the warehouseman, thepurchase price is established, documented as prescribed by the director,and payment made within thirty days or the account is entered, asprescribed by the director, onto a formal settlement sheet within the samethirty-day period. Further, when an account is so entered onto a formalsettlement sheet payment shall be made within one hundred eighty days ofdelivery. If payment is not so made within one hundred eighty days ofdelivery, a formal written contract as provided for in subsection 4 of thissection shall be executed.
3. All grain received at any warehouse not licensed under thischapter shall be deemed to be grain held for storage within the meaning ofthis chapter, unless:
(1) The sale price for the grain has been established; and
(2) Payment made by the warehouseman and received by the owner of thegrain within thirty days from the delivery of the grain to the warehouse;or
(3) A formal written contract as provided for in subsection 4 of thissection is executed.
4. A warehouseman and a seller of grain may agree that payment orpricing of the seller's grain be deferred to a future date. The agreementshall be in writing, dated and shall contain a statement informing theseller that the seller is relinquishing title and all rights of ownershipin the grain. The director may require any additional information from awarehouseman that he deems necessary to protect the interests of the sellerof grain in these transactions. Failure to provide such additionalinformation, upon request, shall be deemed a violation of this chapter.Grain received under a deferred payment or deferred pricing agreement underthe provisions of this section shall not be deemed to be stored grain. Forthe purposes of this section, minimum price, deferred price and deferredpayment contracts are not deemed valid unless they contain all thestatements required by section 276.461, RSMo, and are signed by both thebuyer and seller or their authorized representatives. Grain represented byan invalid deferred pricing contract shall be deemed storage grain for thepurposes of this chapter. Grain represented by an invalid deferred paymentcontract shall be deemed storage grain for the purposes of this chapter ifpayment has not been made within one hundred eighty days of delivery asrequired in subsection 2 of this section. Only class I grain dealers mayenter into deferred price, minimum price or deferred payment agreements.
5. The following transactions shall not be covered by thewarehouseman's bond:
(1) Any sale of grain evidenced by a check written by thewarehouseman, received and accepted by the seller. Any check returned forany reason shall be evidence of a sales transaction; or
(2) Any sale of grain evidenced by a promissory note accepted by theseller. To be considered a promissory note, the note must contain thesignature of both seller and buyer, date the note was executed, dollaramount of the note, payment terms, and interest rate; or
(3) Any sale of grain delivered to the warehouse pursuant to andevidenced by a grain purchase contract and treated as sold grain pursuantto the provisions of subsection 2 or 4 of this section.
6. The warehouseman's bond shall cover all grain deemed storagepursuant to the provisions of this section.
7. Grain originally received at a warehouse as storage grain andsubsequently sold by the depositor to the warehouseman shall be consideredreceived at the warehouse at the time of sale and shall be treated as grainsold or stored, as applicable, pursuant to the provisions of subsection 2of this section as if at the time of physical delivery, the grain had beenpriced. The thirty-day, one hundred eighty-day and written contractprovisions of subsection 2 of this section apply to these transactionscommencing at the time of sale.
