North Dakota Code 4.1-58-43 – Licensed warehouse capacity and condominium storage
1. Unless an entire warehouse facility is used for nonpublic purposes, all physically connected portions of the facility must be licensed in accordance with this chapter.
Terms Used In North Dakota Code 4.1-58-43
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
2. The warehouseman shall issue receipt memoranda for all grain received.
3. Facilities that are physically connected to the licensed warehouse may be sold under a condominium arrangement or leased to other entities for nonpublic use and sales and lease agreements must be based on the capacity of the bins involved and not on the number of bushels held in the space.
4. The licensee shall provide contents insurance and bond coverage for the space.
5. If a licensee becomes insolvent, the contents of the space must be considered an asset to the trust fund established under this chapter and owners and lessees are entitled to trust fund protection in a manner equal to all other valid grain receiptholders.