As used in agricultural commodity transactions, “grain bank” means the storage of an agricultural commodity under a bailment agreement with the commodity normally returned to the bailor at a later date as an ingredient of a processed feed.

Terms Used In Ohio Code 926.011

  • Agricultural commodity: means corn, soybeans, wheat, or any other agricultural crop that the director of agriculture may designate by rule. See Ohio Code 926.01
  • Bailment agreement: means a bailor-bailee agreement between a depositor and a licensed handler as stated in the terms of a receipt that is issued for an agricultural commodity in storage and subject to the requirements of this chapter governing the use of a receipt. See Ohio Code 926.01
  • Bailor: means a person who delivers an agricultural commodity to a bailee in trust for storage in a warehouse with title remaining in the name of the depositor. See Ohio Code 926.01
  • Storage: means the deposit of an agricultural commodity into a warehouse either for the account of the licensed handler operating the warehouse or for the account of a depositor. See Ohio Code 926.01

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