824 IAC 2-14-5 Issuance of warehouse receipts to depositors and Commodity Credit Corporation

Sec. 5. (a) A licensee shall issue a warehouse receipt to a depositor, upon the depositor's request, when grain has been deposited at the licensee's licensed warehouse and the grain has been weighed, inspected, and graded. No warehouse receipt shall be sought or issued with respect to grain that is subject to any lien or other encumbrance. All information contained in a receipt shall be printed or legibly written in ink, and all spaces shall be filled with appropriate information or lined out. Receipts shall be signed on by employees designated by the licensee on the agency's authorization to sign warehouse receipts form. The use of facsimile signature stamps is prohibited on warehouse receipts. Even though grain bank grain is stored grain, no warehouse receipt shall be issued for grain bank. (b) When there is an outstanding and uncanceled warehouse receipt, another warehouse receipt shall not be issued for the grain covered thereby except for the following: (1) Replacement receipt for lost or destroyed receipts as pursuant to section 8 of this rule. (2) Certain receipts issued pursuant to the Uniform Grain and Rice Storage Agreements (UGRSA). (3) New warehouse receipts issued due to partial delivery on the original receipt and the original receipt has been canceled. (c) If a trust receipt is issued upon a warehouse receipt, this fact shall be noted on the original warehouse receipt, along with the name and address of the person to whom such trust receipt is issued. This notice shall be typed or printed in ink upon the receipt when the trust receipt is issued. (d) When a warehouse receipt is issued by a licensee who is bound by a UGRSA, the licensee shall attempt to determine whether the receipt being issued is or will be a Commodity Credit Corporation (CCC) receipt. The UGRSA licensee shall maintain a current list of all CCC receipts and shall make a notation indicating its status as a CCC receipt issued for use as collateral for loans from the Commodity Credit Corporation on all CCC receipts. (e) A UGRSA licensee shall not sell or treat as sold any grain which is represented by a CCC receipt but shall hold and continue to store such grain until the CCC receipt is endorsed over and surrendered to the UGRSA licensee by the depositor or CCC. (f) A UGRSA licensee shall take reasonable steps to ensure that CCC receipts shall be surrendered to the licensee. No UGRSA licensee shall sell any grain represented by outstanding warehouse receipts unless and until the licensee is assured that such receipts are not a CCC receipt. (g) When issuing a paper warehouse receipt, the licensee shall distribute the parts of the receipts as follows: (1) The top or original receipt, printed on green safety paper, shall be delivered to the person depositing the grain. (2) The first copy of the receipt, printed on white paper, shall be delivered to the depositor as a copy for the depositor's records. (3) The second copy of the receipt, printed on yellow paper, shall be the warehouseman's copy of the receipt and shall be retained by the warehouseman until the original receipt is returned for cancellation. (4) The third copy of the receipt, printed on pink paper, shall be the warehouseman's second copy and shall be retained in numerical order. (h) When electronic warehouse receipts are issued, the information required may be the same as a paper warehouse receipt; however, it will not be necessary to distribute the parts outlined in subsection (g).