A warehouse receipt shall be issued no later than the close of
the next business day following demand by the depositor or depositor's agent
or, in absence of such demand, the warehouse receipt shall be issued within 12
months from date of deposit in the warehouse, unless the warehouse operator is
in possession of a signed and dated statement from the depositor that the
depositor does not want a warehouse receipt to be issued. Such waiver shall
apply only to grain deposited in the warehouse prior to the date of the
waiver.
(1)
Waiver.
The waiver shall contain a minimum of the following information:
a. Depositor's name.
b. Depositor's signature.
c. Date of deposit.
d. Date of depositor's signature.
e. Number of bushels.
f. Type of commodity.
The waiver must be signed within 12 months of the first
delivery of the grain under waiver. If a depositor signs a statement that no
warehouse receipt need be issued, such grain shall then be deemed as open
storage and shall remain a warehouse obligation. A copy of this statement shall
be maintained in the warehouse operator's records. The original (white)
warehouse receipt shall be given to the depositor upon demand. The depositor's
copy (green) shall be given to the depositor upon issuance of the warehouse
receipt. The warehouse operator's copy (yellow) shall be maintained by the
warehouse operator in a separate file in numerical order while the warehouse
receipt is outstanding.
(2)
Unpriced grain deemed held for
storage after 30 days. Any grain received at any warehouse for which
the actual sale price is not fixed and documented on the warehouse operator's
records or for which payment is not made on the thirtieth day shall be
construed to be grain held for storage within the meaning of Iowa Code chapter
203C. The 30-day provision is applicable only when there has been no commitment
for storage by the depositor, or the warehouse operator fails to have a policy
posted in a conspicuous location in the place of business. Grain shall be
considered as storage in less than 30 days if the receiving warehouse operator
has a policy specifying when such grain shall be considered as storage. Such
policy shall be posted at all times in a conspicuous location in the place of
business. Warehouse receipts shall be issued in accordance with the provisions
of Iowa Code section 203C.18. Grain held in storage
after the thirtieth day or after the time period less than 30 days in
accordance with the warehouse operator's posted policy for which warehouse
receipts have not been issued shall be considered as open storage. The
warehouse operator's tariff charges shall apply to open storage from date of
deposit. Open storage shall be considered as a storage obligation.
(3)
Information on warehouse
receipts. Not more than one product, or grade, or value of product
shall be shown on a warehouse receipt. All grade factors pertinent to
determining grade shall be shown on warehouse receipts issued for bulk grain,
and any other information pertinent to the product, stored under warehouse
receipt, should clearly be stated under the heading "Remarks." The warehouse
operator, in the inspection of the grain upon delivery, shall perform a
sufficient amount of sampling of the grain to ensure a representative
application of the grade factors to the grain. All warehouse receipts issued
shall designate the person to whom the receipt is issued and whether it is
issued negotiable or nonnegotiable.
a. All
warehouse receipts shall be issued on an accurate and complete basis. All
applicable areas shall be filled in. Any of the following errors shall be cause
to cancel and reissue the warehouse receipt:
(1) Illegible changes or appearance of change
in overall amount;
(2) Change in
the type of grain; or
(3) Changing
the warehouse receipt from negotiable to nonnegotiable or vice versa.
b. Any alterations not directly
prohibited shall be made by strike-through and replacement. No correction
material shall be used. The person making the change shall initial and date the
change. All copies shall be altered identically.
(4)
Restrictions on the issuance of
collateral warehouse receipts. Collateral receipts cannot be issued
for grain represented by credit-sale contract except for the percentage of
bushels paid for through advances to sellers on grain purchased by credit-sale
contract. The amount and percentage of advances shall be shown on the face of
the credit-sale contract or on a listing which identifies the contracts and the
amount of the advances.
This rule is intended to implement Iowa Code sections 203C.17
and 203C.18.
