1. Every warehouseman shall maintain stored grain inventories of sufficient quantities, qualities and grade to meet at all times his storage obligations. Failure to maintain required inventories is a violation of this chapter.

2. Grain evidenced by outstanding and uncancelled negotiable warehouse receipts shall be maintained in the specific warehouse facility shown on the warehouse receipt issued when the grain was deposited originally. For the purposes of this chapter each separate warehouse facility must maintain such an inventory for negotiable warehouse receipts issued by it at that location.

Terms Used In Missouri Laws 411.515

  • 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
  • Licensed warehouse: a warehouse for which the department has issued a license to operate as a public warehouse in accordance with the provisions of this chapter. See Missouri Laws 411.026
  • Person: means and includes any individual, firm, partnership, exchange, association, trustee, receiver, corporation, cooperative, society, public body, political subdivision, or any other business or commercial entity or organization of any kind whatsoever, and any member, officer or employee thereof. See Missouri Laws 411.026
  • 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
  • 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
  • United States: includes such district and territories. See Missouri Laws 1.020
  • 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

3. Inventories representing stored grain obligations other than those described in subsection 2 of this section shall be represented by:

(1) Grain actually held in the warehouseman’s licensed warehouse facility;

(2) Receipts or tickets for grain stored in a licensed warehouse in Missouri;

(3) Receipts or tickets for grain stored in a warehouse facility licensed under the United States Warehouse Act;

(4) Receipts or tickets issued by a warehouse facility located outside of the state of Missouri upon a determination by the director that such receipts or tickets are issued by a person who, due to his net worth, his having posted a cash or surety bond, which may include an irrevocable letter of credit in a form acceptable to the director, or his having otherwise satisfied the director that the integrity of the grain will be maintained, is able to protect the stored grain.

4. All stored grain shall be maintained in licensed facilities.

5. Title to any grain which is forwarded to any other warehouse for storage shall be evidenced as prescribed by the director by rule.

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