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Title XXVI TRADE AND COMMERCE

Chapter 411

previous next Effective - 28 Aug 1965bottom

  411.451.  Fraudulent receipts prohibited — division or consolidation of receipts — delivery of grain. — 1.  No warehouse receipt shall be issued except upon actual delivery of grain into store in the warehouse from which it purports to be issued.  Nor shall any receipt be issued for a greater quantity of grain than was contained in the lot or parcel so received for storage, nor shall more than one receipt be issued for the same lot of grain, except in cases where a receipt for a part of a lot is desired, and then the aggregate receipts for a particular lot shall cover that lot and no more.  In cases where a part of the grain represented by the receipt, or receipts, is delivered out of store and a remainder is left, the director shall prescribe the form of the document for the remainder of the grain and the manner in which it is to be issued.

  2.  In case it is desirable to divide one receipt into two or more, or in the case it is desirable to consolidate two or more receipts into one and the warehouseman consents, the original receipt, or receipts, shall be cancelled in the same manner as if the grain had been delivered from store and the new receipt, or receipts, shall express on the face thereof that the new receipt, or receipts, represent a part of another receipt or the consolidation of other receipts, as the case may be, and the number and the date of the original receipt shall also appear on the new receipt issued in lieu thereof.   No consolidation of receipts differing more than thirty days in date shall be permitted.  All new receipts issued for old ones cancelled, as herein provided, shall bear the notation of the date of the receipt as originally issued.

  3.  A warehouseman shall not deliver grain for which he has issued a negotiable receipt until the receipt has been returned to him and cancelled, and shall not deliver grain for which he has issued a nonnegotiable receipt until the receipt has been returned to him or he has obtained from the person lawfully entitled to the delivery, or his authorized agent, a written order therefor.  Before delivery is made of the last portion of a lot of grain covered by a nonnegotiable receipt, the receipt itself shall be surrendered.

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(L. 1965 p. 606)


---- end of effective   28 Aug 1965 ----

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