Warehouse & Storage Strategies
Termination of Storage Contracts
Public Warehouse
Storage contracts terminate on the date identified in the publication (June 30 for grain and
April 30 for dry edible beans unless a different date is identified.)
At least 30 days before the termination date of a storage contract, the warehouseman must
notify the receiptholder by mail of the warehouseman's intention to terminate the storage
contract, unless the receiptholder before that time, demands redelivery, authorizes sale,
extends the storage contract, or enters into a new contract for restorage.
Failure to notify the receiptholder results in forfeiture of storage charges accrued for the
grain during the previous 12 months. forkerture of storage chi
In the absence of a demand for delivery, an order to sell, or an agreement between the
warehouseman and the receiptholder, upon the expiration of the storage contract, the
warehouseman may sell at the local market price on the close of business on that day, all
stored grain and tender the proceeds of the sale, less accrued storage charges and advances
upon any previous storage contract of the receiptholder.
DAKOTA
NORTH
DEPARTMENT OF
AGRICULTUView entire presentation