1. At the time of delivery of grain to any public warehouse the scale ticket shall be marked to indicate whether the grain is delivered for storage, for sale or for some other purpose.

2. All grain received at a licensed public warehouse shall be deemed to be storage grain within the meaning of this chapter, unless:

Terms Used In Missouri Laws 411.325

  • Contract: A legal written agreement that becomes binding when signed.
  • Deferred pricing agreement: a conditional grain sales transaction wherein no price has been established on the grain, the seller retains the right to price the grain later at a mutually agreed-upon method of price determination. 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
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
  • 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
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Public warehouse: a warehouse used for the purpose of storing grain of owners other than the warehouseman, whether grain of the owners be commingled or whether identity of different lots be preserved, or a warehouse used for any purpose for which a license is required under section 411. See Missouri Laws 411.026
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • stored grain: any grain received in a warehouse, including grain bank grain, unless sold in accordance with the provisions of section 411. See Missouri Laws 411.026
  • Violation: any act contrary to the provisions of this chapter or any failure by a person to act as required by the provisions of this chapter or regulations promulgated hereunder. See Missouri Laws 411.026
  • 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

(1) Payment for the grain is made upon delivery to the warehouseman; or

(2) At the time of delivery of the grain to the warehouseman, the purchase price is established, documented as prescribed by the director, and payment made within thirty days or the account is entered, as prescribed by the director, onto a formal settlement sheet within the same thirty-day period. Further, when an account is so entered onto a formal settlement sheet payment shall be made within one hundred eighty days of delivery. If payment is not so made within one hundred eighty days of delivery, a formal written contract as provided for in subsection 4 of this section shall be executed.

3. All grain received at any warehouse not licensed under this chapter shall be deemed to be grain held for storage within the meaning of this chapter, unless:

(1) The sale price for the grain has been established; and

(2) Payment made by the warehouseman and received by the owner of the grain within thirty days from the delivery of the grain to the warehouse; or

(3) A formal written contract as provided for in subsection 4 of this section is executed.

4. A warehouseman and a seller of grain may agree that payment or pricing of the seller’s grain be deferred to a future date. The agreement shall be in writing, dated and shall contain a statement informing the seller that the seller is relinquishing title and all rights of ownership in the grain. The director may require any additional information from a warehouseman that he deems necessary to protect the interests of the seller of grain in these transactions. Failure to provide such additional information, upon request, shall be deemed a violation of this chapter. Grain received under a deferred payment or deferred pricing agreement under the provisions of this section shall not be deemed to be stored grain. For the purposes of this section, minimum price, deferred price and deferred payment contracts are not deemed valid unless they contain all the statements required by section 276.461 and are signed by both the buyer and seller or their authorized representatives. Grain represented by an invalid deferred pricing contract shall be deemed storage grain for the purposes of this chapter. Grain represented by an invalid deferred payment contract shall be deemed storage grain for the purposes of this chapter if payment has not been made within one hundred eighty days of delivery as required in subsection 2 of this section. Only class I grain dealers may enter into deferred price, minimum price or deferred payment agreements.

5. The following transactions shall not be covered by the warehouseman’s bond:

(1) Any sale of grain evidenced by a check written by the warehouseman, received and accepted by the seller. Any check returned for any reason shall be evidence of a sales transaction; or

(2) Any sale of grain evidenced by a promissory note accepted by the seller. To be considered a promissory note, the note must contain the signature of both seller and buyer, date the note was executed, dollar amount of the note, payment terms, and interest rate; or

(3) Any sale of grain delivered to the warehouse pursuant to and evidenced by a grain purchase contract and treated as sold grain pursuant to the provisions of subsection 2 or 4 of this section.

6. The warehouseman’s bond shall cover all grain deemed storage pursuant to the provisions of this section.

7. Grain originally received at a warehouse as storage grain and subsequently sold by the depositor to the warehouseman shall be considered received at the warehouse at the time of sale and shall be treated as grain sold or stored, as applicable, pursuant to the provisions of subsection 2 of this section as if at the time of physical delivery, the grain had been priced. The thirty-day, one hundred eighty-day and written contract provisions of subsection 2 of this section apply to these transactions commencing at the time of sale.

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