N.D. Admin. Code 69-07-02-05
Facilities that are physically disconnected from licensed warehouse capacity may be leased to other entities for nonpublic use. These leased facilities are not part of the licensee's licensed capacity and related lease agreements must be based on the capacity of the facility involved and not on the number of bushels held in the space. The lessee is responsible for its own contents insurance, if any. The licensee need not bond the space. In case of licensee insolvency, the contents of the leased facilities are not a trust asset and the lessee is not entitled to protection for grain held therein. If the leased facilities are owned by the licensee, lease agreements must be on file at the warehouse.
N.D. Admin Code 69-07-02-05
General Authority: NDCC 60-02-03, 60-02.1-03
Law Implemented: NDCC 60-02-09, 60-02.1-03