49-43-5.6 Grounds for suspension of license.
Grounds for suspension of license.
The commission may immediately suspend
the license of a warehouse operator and the warehouse operator shall surrender the license to the
The warehouse operator, whether licensed or unlicensed, refuses, neglects, or is unable,
upon proper demand, to redeem any warehouse receipt or scale ticket for grain in open
storage or in grain bank issued by the warehouse operator, through redelivery or cash
The warehouse operator refuses, neglects, or is unable to provide a bond in an amount
required by the commission;
The commission has knowledge of any act of insolvency, including the filing of a petition
in bankruptcy naming the warehouse as debtor; or
The warehouse operator refuses to submit to an inspection or cooperate with the lawful
requests of a commission inspector, including requests for access to and copies of the
books and records of the warehouse.
Within fifteen days the warehouse operator may request a hearing pursuant to chapter 1-26 to
determine if the license should be revoked. If no request is made within fifteen days, the commission
shall revoke the license. If the commission determines it is necessary, the commission may apply to
the circuit court in the county in which the warehouse operator operates for that court to appoint a
receiver. The receiver has such powers and duties as the court may direct.
Source: SL 1987, ch 355, § 3; SL 2008, ch 249, § 13; SL 2013, ch 238, § 3, eff. Apr. 1, 2013.