(1) A commodity deposited with a warehouse operator without a written agreement for sale of the commodity to the warehouse operator shall be handled and considered to be a commodity in storage. (2) A presumption is hereby created that in all written agreements for the sale of commodities, the intent of the parties is that title and ownership to the commodities shall pass on the date of payment therefor. This presumption may only be rebutted by a clear statement to the contrary in the agreement. (3) Any warehouse operator or grain dealer entering into a deferred price contract with a depositor shall first have the form of the contract approved by the director. The director shall adopt rules setting forth the standards for approval of the contracts.
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