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Title XXVI TRADE AND COMMERCE

Chapter 411

Effective - 28 Aug 1965 bottom

  411.551.  Alteration of receipt — effect of. — The alteration of a receipt shall not excuse the warehouseman who issued it from any liability if the alteration was:

  (1)  Immaterial;

  (2)  Authorized; or

  (3)  Made without fraudulent intent.  

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If the alteration was authorized, the warehouseman shall be liable according to the terms of the receipt as altered.  If the alteration was unauthorized, but made without fraudulent intent, the warehouseman shall be liable according to the terms of the receipt, as they were before alteration.  Material and fraudulent alteration of a receipt shall not excuse the warehouseman who issued it from liability to deliver, according to the terms of the receipt as originally issued, the grain for which it was issued, but shall excuse him from any other liability to the person who made the alteration and to any person who took with notice of* the alteration.  Any purchaser of the receipt for value without notice of the alteration shall acquire the same rights against the warehouseman which the purchaser would have acquired if the receipt had not been altered at the time of the purchase.  

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(L. 1965 p. 606)

*Word "at" appears in original rolls.


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

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