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U.S. Code as of:
01/03/05
Section 250. Warehouse receipts
(a) In general
At the request of the depositor of an agricultural product stored
or handled in a warehouse licensed under this chapter, the
warehouse operator shall issue a receipt to the depositor as
prescribed by the Secretary.
(b) Actual storage required
A receipt may not be issued under this section for an
agricultural product unless the agricultural product is actually
stored in the warehouse at the time of the issuance of the receipt.
(c) Contents
Each receipt issued for an agricultural product stored or handled
in a warehouse licensed under this chapter shall contain such
information, for each agricultural product covered by the receipt,
as the Secretary may require by regulation.
(d) Prohibition on additional receipts or other documents
(1) Receipts
While a receipt issued under this chapter is outstanding and
uncanceled by the warehouse operator, an additional receipt may
not be issued for the same agricultural product (or any portion
of the same agricultural product) represented by the outstanding
receipt, except as authorized by the Secretary.
(2) Other documents
If a document is transferred under this section, no duplicate
document in any form may be transferred by any person with
respect to the same agricultural product represented by the
document, except as authorized by the Secretary.
(e) Electronic receipts and electronic documents
Except as provided in section 242(h)(2) of this title,
notwithstanding any other provision of Federal or State law:
(1) In general
The Secretary may promulgate regulations that authorize the
issuance, recording, and transfer of electronic receipts, and the
transfer of other electronic documents, in accordance with this
subsection.
(2) Electronic receipt or electronic document systems
Electronic receipts may be issued, recorded, and transferred,
and electronic documents may be transferred, under this
subsection with respect to an agricultural product under, a
system or systems maintained in one or more locations and
approved by the Secretary in accordance with regulations issued
under this chapter.
(3) Treatment of holder
Any person designated as the holder of an electronic receipt or
other electronic document issued or transferred under this
chapter shall, for the purpose of perfecting the security
interest of the person under Federal or State law and for all
other purposes, be considered to be in possession of the receipt
or other electronic document.
(4) Nondiscrimination
An electronic receipt issued, or other electronic document
transferred, in accordance with this chapter shall not be denied
legal effect, validity, or enforceability on the ground that the
information is generated, sent, received, or stored by electronic
or similar means.
(5) Security interests
If more than one security interest exists in the agricultural
product that is the subject of an electronic receipt or other
electronic document under this chapter, the priority of the
security interest shall be determined by the applicable Federal
or State law.
(6) No electronic receipt required
A person shall not be required to issue in electronic form a
receipt or document with respect to an agricultural product.
(7) Option for non-federally licensed warehouse operators
Notwithstanding any other provision of this chapter, a
warehouse operator not licensed under this chapter may, at the
option of the warehouse operator and in accordance with
regulations established by the Secretary, issue electronic
receipts and transfer other electronic documents in accordance
with this chapter.
(8) Application to State-licensed warehouse operators
This subsection shall not apply to a warehouse operator that is
licensed under State law to store agricultural commodities in a
warehouse in the State if the warehouse operator elects -
(A) not to issue electronic receipts authorized under this
subsection; or
(B) to issue electronic receipts authorized under State law.
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