Effective - 28 Aug 1987
411.290. Insurance required, exceptions — rules and regulations. — 1. Every state licensed public warehouseman shall in his own name at all times keep all the grain contained in his warehouse insured by some reliable insurance company authorized to do business in the state of Missouri. The grain is to be insured for its full market value against loss by fire, inherent explosion, lightning, and windstorm. Failure to do so is a violation of this chapter and shall make the public warehouseman liable for the same on his bond. Except that a warehouseman shall not be required to carry insurance on commodity credit corporation owned grain if the commodity credit corporation elects to be self insured for loss of the grain. The director may promulgate rules governing the submission and acceptance of insurance policies that contain deductible clauses.
2. In case of a fire, inherent explosion, lightning, or windstorm, which shall destroy or damage all or part of the grain stored in any public warehouse, the public warehouseman shall, upon demand by the owner of the grain, or the holder of any warehouse receipt or receipts for such grain, and upon being presented with the warehouse receipt or receipts, or other evidence of ownership, make settlement for the value of the grain covered by the warehouse receipt, or receipts, after deducting the warehouse charges, at the market value of same, basing the value at the average price paid for grain of the same grade and quality at the station where the public warehouse is located on the date of the destruction. In the event settlement is not made within sixty days from the date of the demand, the depositor shall have the right to seek recovery from the insurance company.
3. Fraud or other criminal act of the warehouseman, to which the holder of a warehouse receipt or other interested person is not a party, shall not deprive the holder of a warehouse receipt, storage receipt or scale ticket, or other interested person, of his right of recovery under such policy of insurance.
4. No insurance policy covering grain shall be cancelled or be allowed to expire by the insurance company on less than ninety days' notice by certified mail to the director and the principal, except if such policy is being replaced with another policy and evidence of the new policy is filed with the director at the time of cancellation or expiration of the policy on file. The notice shall contain the termination or expiration date. Any replacement insurance shall be provided by, and carried in the name of, the warehouseman. The license of a warehouseman shall automatically be suspended for failure to file new evidence of insurance within thirty days of the director's receipt of the notice of cancellation or expiration. If replacement insurance is not filed within sixty days of the director's receipt of notice of cancellation or expiration, the warehouse license shall be automatically revoked. The provisions of subsections 9 and 10 of section 411.275, pertaining to the director, circuit courts, warehousemen, depositors, and other interested persons relating to bond cancellations shall apply similarly to insurance cancellations or expirations.
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(L. 1941 p. 373 § 25, A.L. 1965 p. 606, A.L. 1977 S.B. 75, A.L. 1986 H.B. 1578, A.L. 1987 H.B. 751)
Structure Missouri Revised Statutes
Title XXVI - Trade and Commerce
Chapter 411 - Missouri Grain Warehouse Law
Section 411.010 - Short title.
Section 411.015 - Scope of law.
Section 411.020 - Application of law — construction of laws governing warehouse receipts.
Section 411.026 - Definitions.
Section 411.050 - Bond of director.
Section 411.061 - Director not to deal in grain, exception.
Section 411.070 - Director — powers and duties — rules, procedure.
Section 411.100 - Inspectors — qualifications.
Section 411.110 - Weighmasters — powers and duties.
Section 411.135 - Warehouseman to act as registrar of receipts — records to be kept.
Section 411.140 - Personnel of branch offices — appointment — qualifications — duties.
Section 411.145 - Department may conduct grain inspection business outside state, when.
Section 411.150 - Fees, how fixed.
Section 411.160 - Grain inspected and weighed by authorized inspectors — penalty.
Section 411.170 - Certificates shall be evidence — right of revocation.
Section 411.200 - Reinspection.
Section 411.263 - Fee for license.
Section 411.266 - Renewal of license — application, contents of — penalty for late renewal.
Section 411.268 - Schedule of charges to be filed, posted by warehouseman.
Section 411.271 - Examination of warehouse — paid for by whom — discrepancy, effect of.
Section 411.276 - Liability of surety not cumulative.
Section 411.278 - Amount of bond, how computed.
Section 411.280 - Warehouseman's net worth, requirements — deficiency, how corrected.
Section 411.281 - Additional bond required, when — amount, how determined.
Section 411.290 - Insurance required, exceptions — rules and regulations.
Section 411.301 - Director may enjoin violations.
Section 411.311 - Operation without license prohibited, penalty.
Section 411.321 - Terminal warehouseman to receive, inspect, weigh and grade grain.
Section 411.327 - Grain bank grain, how treated.
Section 411.331 - Grain may be withheld from going into terminal warehouse — when — how — penalties.
Section 411.341 - Grain may be stored in special bin — receipt to indicate.
Section 411.381 - Receipts, contents — prima facie evidence of holder's claim to grain.
Section 411.383 - Warehouse receipt register, how maintained.
Section 411.391 - Warehouseman may sell or pledge receipts issued for grain owned by him.
Section 411.401 - Grain accepted for storage in other public warehouse — form of trust receipts.
Section 411.410 - Receipts to be numbered — duplicates.
Section 411.420 - Lost receipts — procedure.
Section 411.491 - Warehouseman must deliver grain, when.
Section 411.511 - Warehouseman should deliver grain, to whom.
Section 411.515 - Inventory required to be maintained — documents required to establish inventory.
Section 411.517 - Records required to be kept.
Section 411.520 - Misfeasance or malfeasance — accepting money — improper influence — penalty.
Section 411.523 - Warehouseman liable for conversion, when.
Section 411.531 - Failure to take up and cancel receipt — warehouseman liable — when.
Section 411.551 - Alteration of receipt — effect of.
Section 411.561 - Receipt marked "duplicate" — meaning of.
Section 411.571 - Transferor of receipt to endorse.
Section 411.581 - Warranties on negotiation or transfer of receipt.
Section 411.591 - Endorser not a guarantor for other parties.
Section 411.601 - Certain devices prohibited where official state weights are given.
Section 411.611 - Issuance of receipt without receiving grain — penalty.
Section 411.621 - False statement — penalty.
Section 411.631 - Issuance of receipt without indicating warehouseman's ownership — penalty.
Section 411.641 - Improper delivery — penalty.
Section 411.651 - Fraudulent deposit of grain and negotiation of receipt — penalty.
Section 411.691 - Fee for public warehouse license, how computed.
Section 411.701 - Director may contract with federal agencies.
Section 411.750 - Safe working conditions to be maintained.
Section 411.755 - Failure to pay fees, effect of.
Section 411.760 - Remedies provided are in addition to and not exclusive.
Section 411.770 - Stealing grain, penalty.
Section 411.775 - Attorney general and prosecutors may prosecute upon complaint.