Missouri Laws 411.391 – Warehouseman may sell or pledge receipts issued for grain owned by him
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Terms Used In Missouri Laws 411.391
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Receipt: a grain warehouse receipt, whether negotiable or nonnegotiable, issued under this chapter. See Missouri Laws 411.026
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
- 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
Any public warehouseman operating a warehouse in the state may make a valid sale or a pledge of any warehouse receipts issued for grain of which the warehouseman is the owner, either solely or jointly or in common with others, and the recital of ownership in the receipt shall constitute notice of the right to sell or pledge the same and of the title or specific lien of the transferee or pledgee upon the warehouseman’s grain represented by the receipts.