Any grain delivered by a depositor to a public grain warehouse for a grain bank account shall be considered stored grain and is covered by the warehouse bond required pursuant to § 49-43-5.3. Notwithstanding § 49-43-2.1, a negotiable warehouse receipt need not be given to a depositor for any grain delivered for a grain bank account. However, the public grain warehouseman shall establish and maintain all grain bank accounts in a separate ledger which shall show the dates any grain was received from or redelivered to the depositor and the amount and quality of the grain which was received or redelivered. Any grain delivered into a grain bank account shall be a bailment and title to the grain shall remain with the depositor. The warehouseman shall keep sufficient grain inventory to cover all grain bank obligations. The grain bank ledger shall be kept current and show the latest activity date. Any storage, receiving, handling or redelivery charges adopted by the commission pursuant to § 49-43-7 do not apply to grain banks. However, the public grain warehouseman and depositor may agree on a service fee by contract for the storage of grain in a grain bank account. If the last grain in a grain bank account is redelivered to the depositor, or as agreed by contract between the parties, the public grain warehousemen shall give the depositor a settlement sheet showing the dates, amount and quality of grain received, redelivered, and the amount of any service fees.

Source: SL 1994, ch 359, § 2.