(1) Whoever holds a license to operate a farm warehouse, as provided for by this chapter, shall be entitled to have issued on his own grain stored in his farm warehouse or warehouses, a warehouse receipt or receipts, which shall be issued by the commissioner upon compliance with this section by the license holder.
(2) Any license holder desiring a warehouse receipt on his grain shall file application with the commissioner, on a form supplied by the commissioner, which shall state the location, the type, and the quantity of the grain on which the receipt is to be issued. In or accompanying the application, the applicant shall certify the grade of the grain and he shall agree to maintain the certified grade during the time that the grain is stored in his warehouse, and to deliver the certified grade to the holder of the warehouse receipt, upon demand for redemption of the receipt.
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