Section 49-43-3 - Grain stored under receipt not liable to seizure--Insolvency of bailee

49-43-3. Grain stored under receipt not liable to seizure--Insolvency of bailee.In no case is the grain stored under a receipt as required by §49-43-2.1, open storage grain, or grain bank liable to seizure upon process of any court in any action against the bailee, except an action by the owner of open storage grain, owner of grain bank, or owner or holder of a warehouse receipt to enforce the terms of the same. In the event of the failure or insolvency of the bailee, grain on hand in the public grain warehouse shall first be applied to the redemption and satisfaction of outstanding receipts issued by the warehouse and to owners of open storage grain and grain bank. Source: SDC 1939, §60.0315; SL 1985, ch 376, §25; SL 2008, ch 249, §5.