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Title XXVI TRADE AND COMMERCE

Chapter 411

previous next Effective - 28 Aug 1980bottom

  411.420.  Lost receipts — procedure. — 1.  Where a negotiable receipt has been lost or destroyed by the holder of the receipt, the director may order the delivery of the grain upon satisfactory proof of such loss or destruction and upon the giving of a bond with sufficient sureties to be approved by the director, conditioned to indemnify the warehouseman or any holder or other person entitled to the grain against all loss, liability, or expense which he or they may sustain by reason of such delivery.  The director shall also at his discretion order the payment of the warehouseman's reasonable costs and counsel fees.  The delivery of the grain under an order of the director, as provided in this section, shall not relieve the warehouseman from liability to a person to whom the negotiable receipt has been or shall be negotiated for value without notice of the proceedings or the delivery of the grain.

  2.  Where a negotiable receipt has been lost or destroyed by the warehouseman, the director may, upon proof of such loss or destruction, require the warehouseman to sign an affidavit stating that the receipt has been lost or destroyed and cannot be produced for cancellation and that delivery or payment in full for the grain represented by the receipt has been made to the holder and that the warehouseman has not negotiated the receipt for value.  The director may request the person to whom the receipt was issued or the person to whom the original holder negotiated the receipt to sign an affidavit stating that he has received delivery or payment in full for the grain represented by the receipt and that the receipt was willingly and truthfully presented to the warehouseman for cancellation.

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(L. 1941 p. 373 § 30, A.L. 1980 S.B. 601)


---- end of effective   28 Aug 1980 ----

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