§ 26-3-7-25 — Terms of receipts

Indiana § 26-3-7-25

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 3: WAREHOUSES
• Ch. 7: Indiana Grain Buyers and Warehouse Licensing and

Text

Every warehouse receipt issued, whether
paper or electronic, shall embody within its terms the following:
(1) The type, grade, and quantity of the grain stored as established
by the official grain standards of the United States, unless:
(A) the identity of the grain is preserved in a special pile or
special bin or otherwise; and
(B) a mark identifying the preserved grain appears on the face
of the receipt.
(2) A statement that the receipt is issued subject to the Indiana
Grain Buyers and Warehouse Licensing and Bonding Law, IC 26-3-7, and rules adopted under the Indiana Grain Buyers and
Warehouse Licensing and Bonding Law.
(3) A clause that reserves to the licensee the right to terminate
storage and collect outstanding charges against any lot of grain
that remains in storage after June 30 following the date of the
receipt.
(4) A clause that reserves to the licensee the right to terminate
storage, shipping, and handling arrangements and collect
outstanding charges upon the revocation of the licensee's license.
(5) Other terms and conditions as provided in the Uniform
Warehouse Receipts Acts. However, nothing contained in the
Uniform Warehouse Receipts Act shall require a receipt issued
for grain to specifically state the variety of the grain by name.
(6) A clause that terminates storage on the date the license held
by the licensee when the receipt was issued expires and reserves
to the licensee the right to collect outstanding charges against any
lot of grain.
(7) Other provisions prescribed by the director.
Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120,
SEC.13. As amended by P.L.125-1997, SEC.47; P.L.173-1999,
SEC.11.