NEW LAW ON WAREHOUSE RECEIPTS AND
NOTICE TO RECEIPTHOLDERS  - EFFECTIVE 3/12/07

 60-02-30. Termination of public grain warehouse storage contracts - Notice to receiptholder.

 1. All storage contracts terminate on the date identified in the publication required by section 60-02-17. If a different termination date is not identified in the publication, then all storage contracts on grain in a public grain warehouse terminate on June thirtieth of each year, except for storage contracts on dry edible beans which terminate on April thirtieth of each year.

 2. Storage on grain in a public grain warehouse may be terminated by the receiptholder at any time before the applicable date by the payment of all legal charges and the surrender of the warehouse receipt, together with a demand for delivery of the grain in storage, or notice to the public warehouseman to sell the stored grain.

 3. Upon the expiration of the storage contract, the warehouseman is not obligated to renew the storage contract.

 4. At least thirty days before the termination date of a storage contract, the public warehouseman shall notify the receiptholder by mail of the warehouseman's intention to terminate the storage contract on the date identified in the storage contract, unless the receiptholder, before that time, demands redelivery, authorizes sale, extends the storage contract, or enters a new contract with the public warehouseman for restorage. Failure to notify the receiptholder, as required by this section, results in the forfeiture of storage charges accrued for the grain during the previous twelve months.

 5. In the absence of a demand for delivery, an order to sell, or an agreement between the public warehouseman and the receiptholder for storage after the termination date of the storage contract, the warehouseman, upon the expiration of the storage contract, may sell at the local market price on the close of business on that day, all stored grain of the receiptholder and tender to the receiptholder the proceeds of the sale, less accrued storage charges and the public warehouseman's advances upon any previous storage contract of the receiptholder.

 
NOTE:  Section 60-02-31 of the North Dakota Century Code has been repealed.