Section 824IAC2-8-1. Grain bank requirements

   (a) Grain bank records shall include the following and are acceptable in lieu of grain bank contracts:

(1) Name and address of the depositor.

(2) Type, quality, and grade of the grain deposited.

(3) Current and accurate accounting of deposits and withdrawals of grain and the balance due to or from the licensee.

(4) Any other pertinent information.

  (b) Grain bank grain shall be treated and considered as stored grain, and ownership shall be with the depositor.

  (c) Total grain bank obligations to depositors must be covered with inventory in licensed facilities.

(1) Overdrafts, occurring when a customer withdraws more grain than that customer deposited, will be a reduction of company owned unobligated grain.

(2) A licensee shall not allow a customer to withdraw more grain than that customer deposited into the grain bank if there is not company owned unobligated grain for the customer to use.

  (d) Licensees providing grain bank services shall post the charges to be assessed against depositors, including storage or conditioning charges, in a conspicuous place. (Indiana Grain Buyers and Warehouse Licensing Agency; 824 IAC 2-8-1; filed Jan 19, 2001, 3:04 p.m.: 24 IR 1660; readopted filed Nov 16, 2007, 2:00 p.m.: 20071212-IR-824070667RFA; readopted filed Nov 27, 2013, 1:30 p.m.: 20131225-IR-824130492RFA)