(a) When the court approves the sale of stored grain, the Public Grain Warehouse Commissioner shall employ a merchandiser to effect the sale of those commodities.
(b) A person employed as a merchandiser must meet the following requirements:
(1) The person shall be experienced or knowledgeable in the operation of warehouses licensed under § 2-17-201 et seq., and if the person has ever held a license issued under § 2-17-201 et seq., the person shall never have had that license suspended or revoked;
(2) The person shall be experienced or knowledgeable in the marketing of agricultural products; and
(3) The person shall not be the holder of a warehouse receipt or scale ticket issued by the licensee and shall not have a claim against the licensee, whether as a secured or unsecured creditor, and otherwise shall not have any pecuniary interest in the licensee or the licensee's business.
(c) (1) The merchandiser shall be entitled to reasonable compensation as determined by the commissioner.
(2) A sale of grain shall be made in a commercially reasonable manner and under the supervision of the warehouse section of the commissioner.
(3) The commissioner shall have authority to sell the stored grain, notwithstanding provisions of the Uniform Commercial Code, § 4-1-101 et seq., and any stored grain so sold shall be free of all liens and other encumbrances.
Section: Previous 2-17-403 2-17-404 2-17-405 2-17-406 2-17-407 2-17-408 2-17-409 2-17-410 2-17-411 2-17-412 2-17-413 2-17-414 2-17-415 2-17-416 NextLast modified: November 15, 2016