2 CSR 60-4.050 - Warehouse Receipts

PURPOSE: This rule states the requirements for negotiable warehouse receipts including the issuance, distribution, cancellation, retention, and the procedures required when a negotiable receipt is lost or stolen, including the issuance of duplicate receipts, and also requirements on nonnegotiable receipts.

(1) All paper negotiable warehouse receipts must be ordered from the Missouri Department of Agriculture, GRS, PO Box 630, Jefferson City, MO 65102. Copies shall be distributed as follows:

(A) The original copy of the negotiable warehouse receipt must be issued to the owner of the stored commodity; and

(B) The original warehouse receipt stub and at least one (1) copy of each warehouse receipt ordered, whether issued or voided, must be retained by the warehouseman in accordance with section 411.383, RSMo.

(2) The cancellation date, method of disposition and disposition document number must be shown on each original warehouse receipt cancelled by the warehouseman.

(3) If the original copy of a negotiable warehouse receipt is lost, stolen, or destroyed by the owner, the following procedures must be followed:

(A) The owner(s) of the receipt shall complete and file an affidavit, on a form approved by the department, with the issuing warehouseman stating that s/he is lawfully entitled to the possession of the original receipt, that s/he has not negotiated or assigned the original receipt, how the original receipt was lost, stolen or destroyed, and that a diligent effort has been made to find the receipt without success;

(B) The owner also shall obtain and file with the warehouseman a lost instrument bond, issued by a surety company that is authorized to do business in Missouri, in an amount equal to double the current value of the commodity represented by the lost warehouse receipt. The bond shall indemnify the warehouseman against loss, liability, or expense that may be sustained as a result of the warehouseman's issuance of duplicate (replacement) receipt; and

(C) Upon receipt of the previously mentioned documents, the warehouseman shall issue a duplicate (replacement) warehouse receipt with the same terms, subject to the same conditions and bearing on its face the number and date of the receipt which it is replacing, along with the word DUPLICATE.

(4) If the original copy of a negotiable warehouse receipt is lost or destroyed by a licensed warehouseman, the director shall require proof of that loss or destruction and may require the warehouseman to sign an affidavit stating- that the receipt has been lost or destroyed and therefore cannot be produced for cancellation, that delivery or payment in full for the commodity receipted has been made to the owner, and that the warehouseman has not negotiated the receipt for value. The director also may require the owner(s) of the negotiable receipt to sign an affidavit stating that s/he received delivery of, or payment in full for, the grain represented by the receipt and that the original receipt was given to the warehouseman for cancellation.

(5) A summary of all nonnegotiable warehouse receipts, other than scale tickets, issued by a licensed warehouse must be made available to department auditors or mailed to the Missouri Department of Agriculture, GRS, P.O. Box 630, Jefferson City, MO 65102. The summary must state the bushel amount and current market value of each type of commodity receipted and the total dollar amount receipted.

(6) Negotiable electronic warehouse receipts may be utilized. All electronic warehouse receipts must be obtained from a Missouri Department of Agriculture approved provider.

Notes

2 CSR 60-4.050

AUTHORITY: section 411.070, RSMo 2000.* This rule was previously filed as 2 CSR 404.050. Original rule filed May 5, 1972, effective May 15, 1972. Amended: Filed Feb. 13, 1980, effective May 11, 1980. Amended: Filed March 2, 1989, effective May 25, 1989. Rescinded and readopted: Filed Feb. 2, 1990, effective May 31, 1990. Amended: Filed Dec. 29, 2015, effective June 30, 2016.

AUTHORITY: section 411.070, RSMo 1986.* This rule was previously filed as 2 CSR 404.050. Original rule filed May 5, 1972, effective May 15, 1972. Amended: Filed Feb. 13, 1980, effective May 11, 1980. Amended: Filed March 2, 1989, effective May 25, 1989. Rescinded and readopted: Filed Feb. 2, 1990, effective May 31, 1990. Amended by Missouri Register May 16, 2016/Volume 41, Number 10, effective 6/30/2016