Section 824 IAC 2-14-1 - General informationAuthority: IC 26-3-7-3
Affected: IC 26-3-2; IC 26-3-4; IC 26-3-7
Sec. 1.
(a) Paper and electronic Indiana warehouse receipts shall be issued by firms licensed as a warehouse or a buyer-warehouse. No licensed grain buyer can issue warehouse receipts unless the buyer is also licensed as a warehouseman under the United States Warehouse Act.(b) The licensee and the provider shall maintain records and make reports that the director may require for electronic warehouse receipts.(c) All negotiable warehouse receipts issued by a licensee, which evidence title to grain, shall be issued, held, and cancelled in accordance with this rule. Negotiation of receipts shall be by endorsement or by a separate written agreement securely attached to the receipt.(d) Before issuing a warehouse receipt, a licensee shall file with the agency, on a form supplied by the agency, a sample of the signatures of any person or persons the licensee has authorized to issue warehouse receipts. It shall be the licensee's obligation to notify the agency of any changes or updates that need to be made to the form.(e) The director shall prescribe the form of warehouse receipts, which shall be printed and completed in quadruplicate. Warehousemen shall obtain warehouse receipts by submitting their order, in lots of fifty (50) forms, to the agency accompanied by a check or money order for the cost of printing and handling payable to a printer qualified with the director.(f) Grain for which a warehouse receipt is issued may be commingled with different lots of fungible grain as established by the official grain standards of the United States. If the depositor and the licensee agree that identical grain is to be delivered, stored, and is to be specially preserved and not commingled with any other commodity, then the words "Identity Preserved" shall be noted on the warehouse receipt.(g) Upon the revocation or expiration of a license, the licensee has the right to terminate storage, shipping, and handling arrangements and collect outstanding charges regarding any grain for which a warehouse receipt has been issued.(h) Receipts shall be issued in numeric sequence by each facility issuing warehouse receipts. Warehouse and buyer-warehouse licensees who issue warehouse receipts shall maintain: (1) a warehouse receipt register listing issued receipts by consecutive number; and(2) a file containing the duplicate copy of all issued receipts.Indiana Grain Buyers and Warehouse Licensing Agency; 824 IAC 2-14-1; filed Jan 19, 2001, 3:04 p.m.: 24 IR 1663; readopted filed Nov 16, 2007, 2:00 p.m.: 20071212-IR-824070667RFA; readopted filed November 27, 2013, 1:30 p.m.: 20131225-IR-824130492RFAReadopted filed 11/1/2019, 10:20 a.m.: 20191127-IR-824190178RFA