Discontinuing business as public warehouse--procedure--license invalidon cessation or on change in ownership--notice--audit and examination.
411.671. 1. Any person operating a public warehouse inMissouri under this chapter, who desires to discontinue theoperation of a public warehouse, shall notify by first class mailall holders of warehouse receipts, all parties storing grain inthe warehouse, and all parties with whom the warehouseman hasexecuted deferred payment or deferred pricing agreements inaccordance with the provisions of this chapter, and byadvertising in a newspaper of general circulation in the countyin which the warehouse is situated, and the director of the statedepartment of agriculture, at least thirty days prior to the dateof his intention to discontinue the public grain warehousebusiness. The owners of the grain shall sell to the warehousemanor remove, or cause to be removed, their grain from the warehouseor the obligations may be assumed by a successor warehousemanbefore the termination of the license. In the case of asuccessor, producers or others may allow the originalwarehouseman to transfer the storage obligation to the successor.No assumption by a successor of any obligations of thepredecessor warehouseman shall be valid unless the successor isduly licensed as required by this chapter prior to theassumption, and the depositor agrees to such assumption by thesuccessor. Such assumption by a successor shall not relieve thepredecessor warehouseman of the storage obligations in the eventof default therein by the successor unless both the successor andterminating warehouseman have complied with all provisions ofthis section. If for any cause the grain is not sold to thewarehouseman or removed from the warehouse or the obligationassumed by a successor, the warehouseman discontinuing businessshall sell the grain at the best market price obtainable anddeposit the funds with a bank authorized to do business inMissouri to be held for the account of the depositor and shallmake a full detailed report of the same to the director. If andwhen the depositor, or holder of claim, appears and presents avalid claim to the bank for the funds so deposited, the bankshall deliver the funds to the claimant.
2. At the director's discretion, a warehouse license may bedeemed to be invalid upon the change of ownership, cessation ofoperations, change of partners in a partnership, change ofcorporate structure of a corporation or sale. Every licensedwarehouseman shall immediately notify the department as to anysuch change and, when requested to do so by the director, shall,deliver his license and all unused warehouse receipts to theoffice of the department, together with a notarized statementaccounting for all receipts and setting forth the arrangementsmade with depositors for final disposition of the grain instorage and for fulfilling the obligations of the retiringwarehouseman. In the case of a successor, the successor shallapply for a new license and execute a successor's agreement.When there is a change of ownership or cessation of operations,the director may cause an audit and examination to be made.
Discontinuing business as public warehouse--procedure--license invalidon cessation or on change in ownership--notice--audit and examination.
411.671. 1. Any person operating a public warehouse inMissouri under this chapter, who desires to discontinue theoperation of a public warehouse, shall notify by first class mailall holders of warehouse receipts, all parties storing grain inthe warehouse, and all parties with whom the warehouseman hasexecuted deferred payment or deferred pricing agreements inaccordance with the provisions of this chapter, and byadvertising in a newspaper of general circulation in the countyin which the warehouse is situated, and the director of the statedepartment of agriculture, at least thirty days prior to the dateof his intention to discontinue the public grain warehousebusiness. The owners of the grain shall sell to the warehousemanor remove, or cause to be removed, their grain from the warehouseor the obligations may be assumed by a successor warehousemanbefore the termination of the license. In the case of asuccessor, producers or others may allow the originalwarehouseman to transfer the storage obligation to the successor.No assumption by a successor of any obligations of thepredecessor warehouseman shall be valid unless the successor isduly licensed as required by this chapter prior to theassumption, and the depositor agrees to such assumption by thesuccessor. Such assumption by a successor shall not relieve thepredecessor warehouseman of the storage obligations in the eventof default therein by the successor unless both the successor andterminating warehouseman have complied with all provisions ofthis section. If for any cause the grain is not sold to thewarehouseman or removed from the warehouse or the obligationassumed by a successor, the warehouseman discontinuing businessshall sell the grain at the best market price obtainable anddeposit the funds with a bank authorized to do business inMissouri to be held for the account of the depositor and shallmake a full detailed report of the same to the director. If andwhen the depositor, or holder of claim, appears and presents avalid claim to the bank for the funds so deposited, the bankshall deliver the funds to the claimant.
2. At the director's discretion, a warehouse license may bedeemed to be invalid upon the change of ownership, cessation ofoperations, change of partners in a partnership, change ofcorporate structure of a corporation or sale. Every licensedwarehouseman shall immediately notify the department as to anysuch change and, when requested to do so by the director, shall,deliver his license and all unused warehouse receipts to theoffice of the department, together with a notarized statementaccounting for all receipts and setting forth the arrangementsmade with depositors for final disposition of the grain instorage and for fulfilling the obligations of the retiringwarehouseman. In the case of a successor, the successor shallapply for a new license and execute a successor's agreement.When there is a change of ownership or cessation of operations,the director may cause an audit and examination to be made.
Discontinuing business as public warehouse--procedure--license invalidon cessation or on change in ownership--notice--audit and examination.
411.671. 1. Any person operating a public warehouse inMissouri under this chapter, who desires to discontinue theoperation of a public warehouse, shall notify by first class mailall holders of warehouse receipts, all parties storing grain inthe warehouse, and all parties with whom the warehouseman hasexecuted deferred payment or deferred pricing agreements inaccordance with the provisions of this chapter, and byadvertising in a newspaper of general circulation in the countyin which the warehouse is situated, and the director of the statedepartment of agriculture, at least thirty days prior to the dateof his intention to discontinue the public grain warehousebusiness. The owners of the grain shall sell to the warehousemanor remove, or cause to be removed, their grain from the warehouseor the obligations may be assumed by a successor warehousemanbefore the termination of the license. In the case of asuccessor, producers or others may allow the originalwarehouseman to transfer the storage obligation to the successor.No assumption by a successor of any obligations of thepredecessor warehouseman shall be valid unless the successor isduly licensed as required by this chapter prior to theassumption, and the depositor agrees to such assumption by thesuccessor. Such assumption by a successor shall not relieve thepredecessor warehouseman of the storage obligations in the eventof default therein by the successor unless both the successor andterminating warehouseman have complied with all provisions ofthis section. If for any cause the grain is not sold to thewarehouseman or removed from the warehouse or the obligationassumed by a successor, the warehouseman discontinuing businessshall sell the grain at the best market price obtainable anddeposit the funds with a bank authorized to do business inMissouri to be held for the account of the depositor and shallmake a full detailed report of the same to the director. If andwhen the depositor, or holder of claim, appears and presents avalid claim to the bank for the funds so deposited, the bankshall deliver the funds to the claimant.
2. At the director's discretion, a warehouse license may bedeemed to be invalid upon the change of ownership, cessation ofoperations, change of partners in a partnership, change ofcorporate structure of a corporation or sale. Every licensedwarehouseman shall immediately notify the department as to anysuch change and, when requested to do so by the director, shall,deliver his license and all unused warehouse receipts to theoffice of the department, together with a notarized statementaccounting for all receipts and setting forth the arrangementsmade with depositors for final disposition of the grain instorage and for fulfilling the obligations of the retiringwarehouseman. In the case of a successor, the successor shallapply for a new license and execute a successor's agreement.When there is a change of ownership or cessation of operations,the director may cause an audit and examination to be made.
