§ 35-36-209 — Negotiable warehouse receipts - rules

(1) A negotiable
warehouse receipt must be either a paper or an electronic document. At no time
may a paper receipt and an electronic receipt represent the same lot of the
commodity. A licensee may issue warehouse receipts by use of a written warehouse
receipt system, an electronic warehouse receipt system, or both.

(2) The department is the sole source of paper negotiable warehouse
receipts and shall furnish those receipts at cost.

(3) Instead of a paper document, a licensee may issue an electronic
negotiable version of a warehouse receipt generated by a vendor licensed and
approved by the United States department of agriculture if the receipt contains the
same information as the paper version of a warehouse receipt. The electronic
version of a warehouse receipt carries the same rights and obligations as the paper
version. A holder of an electronic version of a warehouse receipt may redeem the
warehouse receipt by applying an electronic signature registered and
authenticated by a vendor credited by the United States department of agriculture.

(4) The commissioner may promulgate rules regarding the issuance, use, and
records requirements of negotiable warehouse receipts.

Legislative History

Source: L. 2020: Entire article amended with relocations, (HB 20-1213), ch. 160, p. 729, � 2, effective June 29.