Effective - 02 Apr 1997
411.325. Delivery of grain to warehouse — procedure — contract — grain deemed for storage, when — deferred pricing and deferred payment and minimum price agreements — transactions not covered by bond — all grain deemed storage covered by bond. — 1. At the time of delivery of grain to any public warehouse the scale ticket shall be marked to indicate whether the grain is delivered for storage, for sale or for some other purpose.
2. All grain received at a licensed public warehouse shall be deemed to 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, the purchase price is established, documented as prescribed by the director, and payment made within thirty days or the account is entered, as prescribed by the director, onto a formal settlement sheet within the same thirty-day period. Further, when an account is so entered onto a formal settlement sheet payment shall be made within one hundred eighty days of delivery. If payment is not so made within one hundred eighty days of delivery, a formal written contract as provided for in subsection 4 of this section shall be executed.
3. All grain received at any warehouse not licensed under this chapter shall be deemed to be grain held for storage within the meaning of this 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 the grain 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 this section is executed.
4. A warehouseman and a seller of grain may agree that payment or pricing of the seller's grain be deferred to a future date. The agreement shall be in writing, dated and shall contain a statement informing the seller that the seller is relinquishing title and all rights of ownership in the grain. The director may require any additional information from a warehouseman that he deems necessary to protect the interests of the seller of grain in these transactions. Failure to provide such additional information, upon request, shall be deemed a violation of this chapter. Grain received under a deferred payment or deferred pricing agreement under the provisions of this section shall not be deemed to be stored grain. For the purposes of this section, minimum price, deferred price and deferred payment contracts are not deemed valid unless they contain all the statements required by section 276.461 and are signed by both the buyer and seller or their authorized representatives. Grain represented by an invalid deferred pricing contract shall be deemed storage grain for the purposes of this chapter. Grain represented by an invalid deferred payment contract shall be deemed storage grain for the purposes of this chapter if payment has not been made within one hundred eighty days of delivery as required in subsection 2 of this section. Only class I grain dealers may enter into deferred price, minimum price or deferred payment agreements.
5. The following transactions shall not be covered by the warehouseman's bond:
(1) Any sale of grain evidenced by a check written by the warehouseman, received and accepted by the seller. Any check returned for any reason shall be evidence of a sales transaction; or
(2) Any sale of grain evidenced by a promissory note accepted by the seller. To be considered a promissory note, the note must contain the signature of both seller and buyer, date the note was executed, dollar amount of the note, payment terms, and interest rate; or
(3) Any sale of grain delivered to the warehouse pursuant to and evidenced by a grain purchase contract and treated as sold grain pursuant to the provisions of subsection 2 or 4 of this section.
6. The warehouseman's bond shall cover all grain deemed storage pursuant to the provisions of this section.
7. Grain originally received at a warehouse as storage grain and subsequently sold by the depositor to the warehouseman shall be considered received at the warehouse at the time of sale and shall be treated as grain sold or stored, as applicable, pursuant to the provisions of subsection 2 of this section as if at the time of physical delivery, the grain had been priced. The thirty-day, one hundred eighty-day and written contract provisions of subsection 2 of this section apply to these transactions commencing at the time of sale.
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(L. 1977 S.B. 75 § 3, A.L. 1980 S.B. 601, A.L. 1986 H.B. 1578, A.L. 1997 H.B. 211)
Effective 4-02-97
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.