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 commodity. 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.
(4)
Surrender
of warehouse receipts on cancellation, expiration, suspension or revocation of
license. When a warehouse operator license has expired or is canceled,
suspended or revoked, all unused warehouse receipts under such license shall be
surrendered to the bureau.
The bureau shall notify the warehouse operator that all
outstanding warehouse receipts shall be returned to the bureau's office no
later than 120 days from the date of cancellation, expiration, or revocation of
the license.
(5)
Purchase or return of grain, replacement receipt issued, or
cancellation of outstanding receipts, upon cancellation, expiration, or
revocation of warehouse operator license. When a warehouse operator
license has expired or is canceled or revoked, all stored grain shall be either
purchased and payment made, or returned within 30 days to the holders of
warehouse receipts or unpriced scale tickets, except when the warehouse is
continuing operation under new ownership or when storage obligations are
assumed by another licensee. Upon completion of delivery to the receipt holder
or the reissuance of the receipt under a new license, the warehouse operator
shall immediately mark "canceled," sign or initial and date such receipt on the
face of the original copy, and forward such receipt to the bureau's office to
be stamped with the department's cancellation stamp. When the storage
obligations are assumed by a new licensee from a warehouse whose license is
expired or has been canceled or revoked, replacement warehouse receipts shall
be issued.
(6)
Delivery
conditioned upon return of outstanding warehouse receipt. No product
represented by an outstanding warehouse receipt shall be delivered until the
original outstanding warehouse receipt is returned to the warehouse operator.
The receipt shall be held by the warehouse operator as an open warehouse
receipt until the delivery is completed. If periodic partial delivery is made
against a nonnegotiable warehouse receipt, the delivery shall be documented on
the back of the original warehouse receipt or other method of documentation
approved by the bureau showing the net balance in store. Original nonnegotiable
warehouse receipts may be maintained in alphabetical or numerical order. If
partial delivery is made against a negotiable warehouse receipt, the warehouse
receipt shall be canceled and a replacement warehouse receipt issued for the
balance in store.
(7)
Cancellation of warehouse receipt conditioned on removal from storage,
purchase and payment, reissuance of receipt, or execution of a credit-sale
contract. No warehouse receipt shall be canceled by the warehouse
operator unless:
a. The product represented by
the receipt has been removed from storage;
b. The product has been purchased and payment
made;
c. A replacement receipt is
issued at the time the receipt is canceled; or
d. The product represented by the receipt is
purchased and a credit-sale contract is properly executed.
This rule is intended to implement Iowa Code sections
203C.16, 203C.17,
203C.18,
203C.34 and
203C.35.
