Section 411.371

Title XXVI TRADE AND COMMERCE

Chapter 411

Effective - 01 Jan 2017, 2 histories, see footnote   

  411.371.  Warehouse receipts, approval by director required — counterfeiting, penalty for — unused receipts returned to director, when — unlawful issuance of receipts, penalty. — 1.  Warehouse receipts shall be issued by any licensed public warehouseman as herein defined upon the request of any depositor, and must be issued in manner and form as provided by this chapter or prescribed by rule, and the form of all receipts shall be approved by the director.  The director shall be authorized to have printed all warehouse receipts, grade certificates, and weight certificates issued by public warehousemen licensed under this chapter.

  2.  It shall be unlawful for any public warehouseman to issue any warehouse receipts for any grain received except upon warehouse receipts approved by the director.  Any person who shall issue or cause to be issued any counterfeit warehouse receipt, or any warehouse receipt for grain, other than as authorized and prescribed by the director, shall be guilty of a class D felony.

  3.  Whenever the license of a public warehouseman expires or is revoked or suspended, he shall return all unused warehouse receipts to the director; the director shall immediately notify the holders of all outstanding receipts of the expiration or revocation of the license.

  4.  It shall be unlawful for any person, other than a licensed public grain warehouseman, to issue any negotiable warehouse receipt for grain, or any warehouse receipt for grain for collateral purposes.  Any person who violates this subsection is, upon conviction, guilty of a class D felony.

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(L. 1965 p. 606, A.L. 1977 S.B. 75, A.L. 1986 H.B. 1578, A.L. 2014 S.B. 491)

Effective 1-01-17