(1) A warehouseman operating another business in conjunction with, or in proximity to, the licensed public warehouse of the warehouseman shall keep a complete set of records for the warehouse business, entirely separate and distinct from the accounts and records of any other business. Deposits of grain for the account of such other business, or for grain owned by the warehouseman, shall be entered in the books of the warehouse in the same manner as those of other depositors. (2) No sale of grain by a warehouseman for future delivery, made when grain is not in storage in the warehouse, shall be deemed a transaction to which this chapter is applicable, nor shall such transaction be entered in the warehouse records as a storage obligation until the grain is placed in the public warehouse. When such grain is received and deposited to an account of a purchaser, the warehouseman shall immediately issue and deliver to the purchaser a negotiable or nonnegotiable warehouse receipt therefor. (3) When grain in storage, not covered by an outstanding warehouse receipt, is purchased from one depositor and title passed to a new owner, the warehouseman shall immediately issue and deliver to such new owner a negotiable or nonnegotiable warehouse receipt therefor.
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