Montana Code 80-4-530. Shipment of stored grain to terminal grain warehouse outside state
80-4-530. Shipment of stored grain to terminal grain warehouse outside state. (1) Warehouse receipts or signed agreements from the owners of grain, on a form approved by the department and in an amount equal to the number of bushels the warehouse operator has in a terminal grain warehouse outside the state, are required for all grain shipped out of state by a warehouse operator.
Terms Used In Montana Code 80-4-530
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)Warehouse receipts covering grain in terminal grain warehouses outside the state must have the words “Owner waives redelivery at point of origin of grain represented by this receipt” printed or stamped on the back.
(3)Waivers or agreements to accept terminal warehouse receipts must be signed in triplicate by the owner of the grain or the owner’s agent and by an authorized representative of the warehouse, with:
(a)the original to be mailed to the department;
(b)the duplicate copy to be retained by the warehouse operator; and
(c)the triplicate copy to be given to the holder of the warehouse receipt.
(4)All grain must be held in bonded and approved terminal warehouses, fully insured for the benefit of the holder of Montana warehouse receipts.
(5)Grain held in terminal warehouses is not subject to any lien, mortgage, or encumbrance.