Missouri Laws 411.327 – Grain bank grain, how treated
Terms Used In Missouri Laws 411.327
- Authorized agent: any person who has the legal authority to act on behalf of, or for the benefit of, another person. See Missouri Laws 411.026
- Delivery: the voluntary physical transfer of grain from one person to another. See Missouri Laws 411.026
- Depositor: any person who deposits grain in a warehouse for storage, handling, shipment, processing, or who is the owner or holder of a warehouse receipt, or who is otherwise lawfully entitled to possession of the grain. See Missouri Laws 411.026
- Director: the director of the Missouri department of agriculture or his designated representative. See Missouri Laws 411.026
- Grain: all grains for which standards have been established under the United States Grain Standards Act (Sections 71 to 87 of Title 7, United States Code), and any other agricultural commodities, seeds and vegetable oils prescribed by the director by regulation, except the term "grain" shall not include those commodities deemed not to be grain pursuant to section 411. See Missouri Laws 411.026
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Warehouse: any building, structure or other enclosure in which grain is or may be stored and through which grain is or may be handled or shipped. See Missouri Laws 411.026
- warehouseman: any person who owns, controls, operates or manages any warehouse whether such owner resides within the state or not. See Missouri Laws 411.026
Grain which is deposited in a warehouse for processing and which is commonly referred to as grain bank grain shall be considered to be storage grain. Grain bank grain shall be entered into the records of the warehouseman as a storage obligation in the same manner as other storage grain. The grain deposited for grain bank purposes may be accounted for on a separate record. Grain bank grain shall be accounted for on an individual depositor basis and shall not be shown as a total grain bank grain obligation. The records for grain bank grain shall be kept on a pounds or bushels basis for the various kinds of grain deposited. Records for grain bank grain may be kept on a monetary basis only if a check is issued or actual payment made at the time of delivery of the grain to the warehouse. If records are kept on a monetary basis, the warehouseman shall furnish written proof of payment to the director or his authorized agent upon request. The director is authorized to adopt and enforce any procedures and regulations necessary to assure the protection of grain bank obligations in the conduct of grain bank operations in warehouses.