To amend the United States Warehouse Act to provide for the use of electronic cotton warehouse receipts, and for other purposes.
PL 102-553 (H.R.6128), enacted 10/28/1992

106 STAT. 4140 
PUBLIC LAW 102-553—OCT. 28, 1992 
Public Law 102-553 
102d Congress 
An Act 
Oct. 28,1992 
To amend the United States Warehouse Act to provide for the use of electronic 
fHR 61281 
cotton warehouse receipts, and for other purposes. 
Be it enacted by the Senate and House of Representatives of 
the United States of 
America in Congress assembled, 
SECTION 1. USE OF ELECTRONIC COTTON WAREHOUSE RECEIPTS. 
Section 17(c) of the United States Warehouse Act (7 U.S.C. 
259(c)) is amended— 
(1) in paragraph (IXA)— 
(A) by striking **Tiie Secretary" and inserting "Notwith-
standing any other provision of Federal or State law, the 
Secretanr"; 
(B) by inserting after "licensed under this Act" the 
following: "or in any other warehouse"; and 
(C) by striking "under section 18" and inserting "(i) 
under section 18 in the case of a warehouse licensed under 
this Act or (ii) under any applicable State law in the 
case of a warehouse not licensed under this Act"; 
(2) ui paragraph (2)— 
(A) by striking "provision of law—" and inserting 
"provision of Federsu or State law:"; 
(B) in subpara^aph (A)— 
(i) by striking "the record" and inserting "The 
record"; 
(ii) by striking "ownership" both places it appears 
and inserting "possessory"; 
(iii) by striking "of this Act" and inserting "of this 
Act or State law"; and 
(iv) by striking "; and" suid inserting a period; 
and 
(C) by striking subparagraph (B) and inserting the 
following new subparagraph: 
"(B) Any person designated as a holder of an electronic 
warehouse receipt authorized under this subsection and sub-
section (d) shall, for the purpose of perfecting the security 
interest of the person under Federal or State law with respect 
to the cotton covered by the warehouse receipt, be considered 
to be in possession of the warehouse receipt. If more than 
one security interest exist in the cotton reflected on the elec-
tronic warehouse receipt, the prioritv of the security interests 
shall be determined by the appUcable Federal or State law. 
This subsection is applicable to electronic cotton warehouse 
receipts and any other security interests covering cotton stored 
in a cotton warehouse, regardless of whetiier the warehouse 
is licensed under this Act."; and 
(3) in paragraph (3)— 
(A) by striking "licensed under this Act" and inserting 
"covered imder this subsection"; and 
PUBLIC LAW 102-553—OCT. 28, 1992 
106 STAT. 4141 
(B) by striking "owner" and inserting "holder". 
SEC. 2. EXPEDITED ACTION ON MARKETING ORDERS. 
Section 8c(l) of the Agricultural Ac^ustment Act (7 U.S.C. 
608c(l)), reenacted with amendments by the Agricultural Marketing 
Agreement Act of 1937, is amended by adding at the end the 
following new sentences: "In carrying out this section, the Secretary 
shall complete all informal rulemaking actions necessary to respond 
to recommendations submitted by administrative committees for 
such orders as expeditiously as possible, but not more than 45 
days (to the extent practicable) after submission of the committee 
recommendations. The Secretary shall establish time frames for 
each ofiEice and agency within the Department of Agriculture to 
consider the committee recommendations.". 
Approved October 28, 1992. 
LEGISLATIVE HISTORY—H.R. 6128: 
CONGRESSIONAL RECORD, Vol. 138 (1992): 
Oct. 4, considered and passed House. 
Oct. 7, considered and passed Senate.