Effective - 22 Apr 1986
411.671. Discontinuing business as public warehouse — procedure — license invalid on cessation or on change in ownership — notice — audit and examination. — 1. Any person operating a public warehouse in Missouri under this chapter, who desires to discontinue the operation of a public warehouse, shall notify by first class mail all holders of warehouse receipts, all parties storing grain in the warehouse, and all parties with whom the warehouseman has executed deferred payment or deferred pricing agreements in accordance with the provisions of this chapter, and by advertising in a newspaper of general circulation in the county in which the warehouse is situated, and the director of the state department of agriculture, at least thirty days prior to the date of his intention to discontinue the public grain warehouse business. The owners of the grain shall sell to the warehouseman or remove, or cause to be removed, their grain from the warehouse or the obligations may be assumed by a successor warehouseman before the termination of the license. In the case of a successor, producers or others may allow the original warehouseman to transfer the storage obligation to the successor. No assumption by a successor of any obligations of the predecessor warehouseman shall be valid unless the successor is duly licensed as required by this chapter prior to the assumption, and the depositor agrees to such assumption by the successor. Such assumption by a successor shall not relieve the predecessor warehouseman of the storage obligations in the event of default therein by the successor unless both the successor and terminating warehouseman have complied with all provisions of this section. If for any cause the grain is not sold to the warehouseman or removed from the warehouse or the obligation assumed by a successor, the warehouseman discontinuing business shall sell the grain at the best market price obtainable and deposit the funds with a bank authorized to do business in Missouri to be held for the account of the depositor and shall make a full detailed report of the same to the director. If and when the depositor, or holder of claim, appears and presents a valid claim to the bank for the funds so deposited, the bank shall deliver the funds to the claimant.
2. At the director's discretion, a warehouse license may be deemed to be invalid upon the change of ownership, cessation of operations, change of partners in a partnership, change of corporate structure of a corporation or sale. Every licensed warehouseman shall immediately notify the department as to any such change and, when requested to do so by the director, shall, deliver his license and all unused warehouse receipts to the office of the department, together with a notarized statement accounting for all receipts and setting forth the arrangements made with depositors for final disposition of the grain in storage and for fulfilling the obligations of the retiring warehouseman. In the case of a successor, the successor shall apply 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.
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(L. 1965 p. 606, A.L. 1977 S.B. 75, A.L. 1980 S.B. 601, A.L. 1986 H.B. 1578)
Effective 4-22-86
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.