Iowa Administrative Code › Agency 21 - Agriculture and Land Stewardship Department › Chapter 90 - State Licensed Warehouses and Warehouse Operators › Rule 21-90.13 - Cancellation of Warehouse Receipts

Current through Register Vol. 47, No. 3, July 24, 2024
Upon delivery of the product represented by a warehouse
				receipt, the original receipt shall be marked "canceled," signed or initialed,
				and dated upon the face thereof by the warehouse operator or an authorized
				agent. The warehouse operator shall then retain possession of the warehouse
				receipt in a separate numerical order of receipts canceled by the licensee but
				not yet marked with the warehouse bureau's stamp and shall present the receipt
				to be canceled with the department's stamp at the time of any inspection or
				examination of the warehouse records. Cancellation shall mean that the
				obligation is removed from the bureau's records. The warehouse operator shall,
				upon request of the bureau, forward any such warehouse receipts to the bureau's
				office to be canceled with the department's stamp. Before the bureau stamps the
				receipt "canceled" with the department's stamp, any negotiable receipts which
				have been used as collateral by the licensee shall have the lender's release
				date and signature on the reverse side indicating when the receipt was
				released.
(1)
Partial delivery
			 of negotiable warehouse receipted Cornmodity.
If only a portion of the
			 product represented by a negotiable warehouse receipt is delivered, such
			 warehouse receipt shall be signed or initialed, dated and marked "canceled" by
			 the warehouse operator or an authorized agent upon the face thereof. A new (or
			 replacement) warehouse receipt shall be issued covering the balance of the
			 product remaining in storage the same day as the original warehouse receipt is
			 canceled. This replacement warehouse receipt, in the space provided under the
			 "Remarks," shall be marked "Balance of warehouse receipt No.____," and the
			 canceled warehouse receipt number shall be inserted in that
space.
(2)
Voided warehouse receipts.
Original warehouse receipts voided
			 on the day of issuance by the warehouse operator for any reason shall be so
			 marked, signed or initialed, and dated and held to be stamped with the
			 department's cancellation stamp in the same manner as any other warehouse
			 receipt.
(3)
Warehouse
			 receipt cancellation procedure.
a.
			 The warehouse operator shall have the original warehouse receipt in
			 possession.
b. The warehouse
			 operator shall mark the face of the warehouse receipt "canceled," sign or
			 initial and date it.
c. The
			 purchase of grain from a warehouse receipt shall be recorded on a document that
			 is numbered at the time of printing and that contains the following
			 information:
(1) Seller's name;
(2) Warehouse receipt number;
(3) Number of bushels;
(4) Price;
(5) Items deducted from gross
			 proceeds;
(6) Net value;
			 and
(7) Check number, invoice
			 reference, or credit-sale contract reference number.
One copy of the document shall be maintained by the licensee
				for inspection, and one copy shall be given to the seller.