49-43-3 Grain stored under receipt not liable to seizure--Insolvency of bailee.
Grain stored under receipt not liable to seizure--Insolvency of bailee.
In no case is
the grain stored under a receipt as required by § 49-43-2.1, open storage grain, or grain bank liable
to seizure upon process of any court in any action against the bailee, except an action by the owner
of open storage grain, owner of grain bank, or owner or holder of a warehouse receipt to enforce the
terms of the same. In the event of the failure or insolvency of the bailee, grain on hand in the public
grain warehouse shall first be applied to the redemption and satisfaction of outstanding receipts
issued by the warehouse and to owners of open storage grain and grain bank.
Source: SDC 1939, § 60.0315; SL 1985, ch 376, § 25; SL 2008, ch 249, § 5.