Effective 28 Aug 1965

411.401. Grain accepted for storage in other public warehouse — form of trust receipts. — If the grain is offered for storage in any licensed public warehouse and the warehouseman does not have storage space to handle the same, the public warehouseman, with the consent of the owner and at his option, may accept grain shipment to a public warehouse where storage is available. The form of trust receipt to cover grain for storage by public warehouses, and to be transported to and stored in a public warehouse, shall be on a form approved by the director of agriculture and shall embody within its written or printed terms:

(1) The date of the issuance of the receipts;

(2) The name of the warehouse issuing the same and its location;

(3) The rate of storage or the basis for the charges;

(4) The net weight in bushels and pounds and percentage of dockage together with the grade;

(5) The words "trust receipt" and "nonnegotiable" clearly and conspicuously printed or stamped thereon;

(6) The signature of the warehouseman, which may be made by his authorized agent and filed with the director;

(7) A statement of the amount of the advances made, or the liabilities incurred, for which the warehouse claims a lien, but if the precise amount of advances made, or the liabilities incurred, be at the time of the issuance of the receipt unknown to the warehouseman, or to his agent who issues it, a statement of the fact that the advances have been made, or liabilities incurred, and the purpose thereof, is sufficient.

­­--------

(L. 1965 p. 606)