When grain is delivered to any public warehouse and an unconverted scale ticket or a warehouse receipt is issued, the delivery is a bailment and not a sale of the grain delivered. The grain delivered may not be liable to seizure upon process of a court in an action against the bailee, except in an action by an owner of the unconverted scale ticket or warehouse receipt to enforce the terms of the delivery or obtain redelivery of the delivered grain. In the event of the failure or insolvency of the warehouseman, all the grain in the warehouse, whether the grain is stored or not, first must be applied at all times to the satisfaction of receipts issued by the warehouseman.