824 IAC 2-14-7 Cancellation of warehouse receipts

Sec. 7. (a) When all grain, the storage of which is evidenced by a warehouse receipt, is delivered from storage, the warehouse receipt shall be plainly marked across its face with the word "CANCELLED" and shall have written on it the date of cancellation, the name of the person canceling the warehouse receipt. (b) A warehouse licensee shall keep all cancelled warehouse receipts for at least six (6) years from the cancellation date. (c) No receipt shall be cancelled until and unless one (1) of the following has occurred: (1) The grain has been removed from storage, by sale or otherwise. (2) A new receipt has been issued contemporaneously for all or a part of the grain. (3) A combination of such occurrences have [sic., has] taken place with respect to all of the grain. (d) Upon cancellation of a receipt, the original shall be retained in the licensee's files attached to its duplicate, and after cancellation neither the original nor the duplicate shall be removed from the files.