34-274. Disposition of proceeds of sale.
34-274
34-274. Disposition of proceeds of sale.All grains sold for the satisfaction of warehouseman's lien shall besold at public sale to the highest and best bidder for cash in hand. Fromproceeds of such sale, the warehouseman shall satisfy his lien, includingthe reasonable charges of notice, advertisement and sale. The balance, ifany, of such proceeds shall be held by the warehouseman, and delivered ondemand to the person to whom he would have been bound to deliver orjustified in delivering the grain. At any time before the grain is sold anyperson claiming a right of property or possession therein may pay thewarehouseman the amount necessary to satisfy his lien and to pay thereasonable expenses and liabilities incurred in serving notice andadvertising and preparing for the sale up to the time of such payment. Thewarehouseman shall deliver the grain to the person making such payment ifhe is a person entitled, under the provisions of this act, to thepossession of the grain on payment of charges thereon. Otherwise thewarehouseman shall retain possession of the grain according to the terms ofthe original contract of deposit.
History: L. 1931, ch. 194, § 52; July 1.