80-4-536. Termination of storage contract -- sale of agricultural commodities for charges -- notice required. (1) Storage of agricultural commodities may be terminated by the depositor at any time by the payment or tender of all legal charges and the surrender of the warehouse receipt, together with a demand for delivery of the agricultural commodities or a notice to the warehouse operator to sell the commodities.
     (2) In the absence of a demand for delivery, order to sell, or mutual agreement for the renewal of the storage contract entered into prior to the expiration of the storage contract, the warehouse operator shall, upon the expiration of the storage contract, sell so much of the stored agricultural commodities at the local market price at the close of business on that day as is sufficient to pay the accrued storage charges. He shall then issue new warehouse receipts for the balance of the agricultural commodity to the depositor upon the depositor's surrender of the original warehouse receipts. The warehouse operator shall notify all warehouse receipt holders of the provisions of this section 30 days prior to the end of the storage period.

     History: En. Sec. 43, Ch. 539, L. 1983; amd. Sec. 20, Ch. 452, L. 1993.