411.327. Grain bank grain, how treated. - Missouri Statutes

Grain bank grain, how treated.

411.327. Grain which is deposited in a warehouse forprocessing and which is commonly referred to as grain bank grainshall be considered to be storage grain. Grain bank grain shallbe entered into the records of the warehouseman as a storageobligation in the same manner as other storage grain. The graindeposited for grain bank purposes may be accounted for on aseparate record. Grain bank grain shall be accounted for on anindividual depositor basis and shall not be shown as a totalgrain bank grain obligation. The records for grain bank grainshall be kept on a pounds or bushels basis for the various kindsof grain deposited. Records for grain bank grain may be kept ona monetary basis only if a check is issued or actual payment madeat the time of delivery of the grain to the warehouse. Ifrecords are kept on a monetary basis, the warehouseman shallfurnish written proof of payment to the director or hisauthorized agent upon request. The director is authorized toadopt and enforce any procedures and regulations necessary toassure the protection of grain bank obligations in the conduct ofgrain bank operations in warehouses.

(L. 1977 S.B. 75 § 8)