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Idaho Statutes Title 69. Warehouses § 69-223. Negotiable warehouse receipts for commodities stored--Contents--Conditions--Penalties

Current as of January 01, 2024 | Updated by Findlaw Staff

Every negotiable warehouse receipt issued for agricultural commodities stored in a warehouse licensed under the provisions of this chapter shall be issued in accordance with, but not limited to, the following:

(1) Every negotiable warehouse receipt issued for agricultural commodities stored in a warehouse licensed under the provisions of this chapter shall embody within its written or printed terms:

(a) All the requirements of a negotiable warehouse receipt under the Uniform Commercial Code--Documents of Title.

(b) A description of the agricultural commodities received, showing the quantity thereof, or, in case of agricultural commodities customarily put up in bales or packages, a description of such bales or packages by marks, numbers, or other means of identification and the weight of such bales or packages.

(c) The grade or other class of the agricultural commodities received and the standard or description in accordance with which such classification has been made: provided that such grade or other class shall be stated according to the official standards of the state applicable to such agricultural commodities as the same may be fixed and promulgated under authority of law; provided further that until such official standards of the state for any agricultural commodity or commodities have been fixed and promulgated, the grade or other class thereof may be stated in accordance with any recognized standard; provided that unless otherwise required by law, when requested by the depositor of other than fungible agricultural commodities, a receipt omitting compliance with this subdivision may be issued if it has plainly and conspicuously embodied in its written or printed terms a provision that such negotiable warehouse receipt is not graded.

(d) A statement that the negotiable warehouse receipt is issued subject to the provisions of this chapter and the rules prescribed hereunder.

(e) Such other terms and conditions within the limitations of this chapter as may be required by the department.

(f) All negotiable warehouse receipts issued under the provisions of this chapter shall be:

(i) Upon forms prepared and supplied by the department and issued upon requisition of the warehouseman at a reasonable cost; or

(ii) In electronic form, through a system approved by the United States department of agriculture, accessible by the Idaho state department of agriculture, and all costs of implementation and other related costs shall be borne by the public warehouse, warehouse, warehouseman, or commodity dealer. Such electronic negotiable warehouse receipts shall have the same validity and enforceability as those in nonelectronic form and the terms “written” and “printed,” and derivatives thereof, when used in relation to negotiable warehouse receipts, shall include such receipts created or displayed electronically. The department is authorized to promulgate rules necessary for the implementation and operation of such electronic system.

(2) Any warehouseman, agent, employee or manager of a public warehouse licensed under the provisions of this chapter who shall remove or allow to be removed any commodities from the facility on which the negotiable warehouse receipt was issued, except to preserve the same from fire or other damage, or except when an emergency storage situation exists as determined by the director, without the return and cancellation of any and all outstanding negotiable warehouse receipts that may have been issued to represent such commodities shall be guilty of a felony and be punished by imprisonment in the state prison not to exceed ten (10) years, or by a fine of not more than ten thousand dollars ($10,000), or by both.

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Cite this article: FindLaw.com - Idaho Statutes Title 69. Warehouses § 69-223. Negotiable warehouse receipts for commodities stored--Contents--Conditions--Penalties - last updated January 01, 2024 | https://codes.findlaw.com/id/title-69-warehouses/id-st-sect-69-223/

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