ND SB2291

All grain warehouse scale tickets must be converted to cash, noncredit-sale contracts, credit-sale contracts, or warehouse receipts within 45 days after grain delivery, unless a waiver is signed.

A person receiving a scale ticket may sign a waiver form that identifies specific ticket numbers and waives all rights to trust fund benefits under state law.

The state commission must prepare and make available the waiver form to all warehouses, with copies retained by the warehouse, provided to the ticket holder, and filed with the commission.

Upon warehouse insolvency, a trust fund is established for noncredit-sale receiptholders who have not waived their rights and to pay the commission's administrative costs.

The trust fund consists of warehouse grain and proceeds from grain sales, insurance proceeds, bond claims, conversion claims, unencumbered accounts receivable, hedging account equity, and grain product assets.