SUMMERS, Justice.
James Mallett (Mallett), a farmer, a seller of seed, fertilizer and chemicals, also owned and operated on his farm a group of Butler Bins, a combination grain storage and drying facility. On December 15, 1969, he completed his qualifications for licensing as a State Regulated Farmers' Warehouse pursuant to Sections 241-60 of Title 54 of the Revised Statutes. The requisite bond was issued on that day by Western Surety Company (Western).
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