(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. [1961 c.445 §7]