(a) Except as otherwise provided by this section, if a receipt issued under this chapter
is outstanding, another receipt covering all or part of the grain covered by the initial
receipt may not be issued by the warehouse operator or any other person. If a receipt is lost, stolen, or destroyed, the owner is entitled to a new receipt
as a duplicate or substitute for the missing receipt. The duplicate or substitute receipt has the same legal effect as the original receipt
(1) state that it is in lieu of the original receipt; and
(2) bear the number and date of the original receipt.
(b) Before issuing a duplicate receipt, the warehouse operator shall require from
the owner an indemnity bond of double the market value of the grain covered by the
missing receipt. The bond must be in a form and with a surety prescribed by the department to fully
protect all rights under the missing receipt.
(c) A warehouse operator may not obtain, purchase, or become a surety on a bond for
a lost, stolen, or destroyed receipt.
(d) A court may not order delivery of grain covered by a lost, stolen, or destroyed
receipt without requiring the bond provided by this section.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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