Sec. 15. (a) A licensee shall maintain inventories of sufficient quantity and grade of grain to meet the licensee’s storage obligations.

     (b) Inventories representing grain evidenced by outstanding warehouse receipts shall be maintained in the warehouse shown on the warehouse receipt issued by the warehouse in which the grain was originally deposited.

     (c) Inventories representing storage obligations other than those evidenced by warehouse receipts may be represented by:

(1) receipts for grain stored in a facility licensed under this chapter;

(2) receipts in a warehouse licensed and bonded under the warehouse act; or

(3) other warehouse receipts or tickets as approved by the director.

Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120, SEC.9. As amended by Acts 1979, P.L.249, SEC.9; P.L.125-1997, SEC.33.