Iowa Code r. 21-90.14 - Lost or destroyed receipt
If a warehouse receipt is lost or destroyed, one of three methods shall be used in canceling the receipt. The following procedures shall be adhered to:
(1)
Depositor's
lost warehouse receipt release. If the depositor or warehouse receipt
holder has lost the receipt and is either selling all of the grain to the
warehouse operator or removing all of the grain from storage, a Lost Warehouse
Receipt Release shall be used. The release shall be completed in duplicate and
signed by the receipt holder and shall be notarized. Both copies shall be
retained in the warehouse records in lieu of the original copy of the receipt,
which shall be given to the bureau at the time of an examination. One copy of
the release shall be filed with the bureau at the time of an
examination.
(2)
Bond for
issuance of duplicate receipts. If the depositor has lost a warehouse
receipt and needs a duplicate warehouse receipt, the depositor shall obtain a
bond made in favor of the warehouse operator in accordance with the provisions
of Iowa Code section 554.7601 (Uniform Commercial
Code). This bond shall be in the amount of at least double the market value of
the commodity at the time of posting the bond. A copy of the bond shall also be
filed with the bureau. Upon issuance of a duplicate receipt, it shall be marked
"Duplicate of lost warehouse receipt No. ____," in the space provided under
"Remarks," and the lost warehouse receipt number shall be inserted in that
space. The bond shall be in the warehouse operator's possession prior to the
issuance of a duplicate receipt.
(3)
Licensee's lost warehouse receipt
affidavit. If a warehouse receipt has been lost or destroyed by the
warehouse operator, the warehouse operator shall prepare an affidavit in
duplicate, signed before a notary public, stating that the warehouse receipt
was lost or destroyed on or about (date). The affidavit shall also state that
after a diligent search was made, the warehouse receipt cannot be found and
that no obligation is due any person under that warehouse receipt. The
affidavit shall further state that if the lost receipt is found, it shall be
forwarded immediately to the bureau for cancellation. If a depositor's name is
on record under the warehouse receipt, the bureau may require that the
warehouse operator also obtain a written statement from the depositor that
confirms that the depositor has been paid for the grain or the depositor has
received the grain back and that the depositor has no further claim against
said receipt. The affidavits shall be held in lieu of the original copy of the
warehouse receipt. The original copy shall be given to the bureau at the time
of an examination.
This rule is intended to implement Iowa Code section 203C.19.
Notes
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