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Texas Agriculture Code - AGRIC § 14A.006. Receipt for Cotton

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

(a) A public warehouse operator shall issue a warehouse receipt to any person who deposits cotton in the warehouse operator's warehouse and requests a receipt.

(b) The receipt shall contain:

(1) all information required to be included on a receipt by Section 14A.005;

(2) the date on which the cotton was received in the warehouse;

(3) a statement that the cotton represented by the receipt is deliverable on return of the receipt properly endorsed and payment of charges for storage and insurance stated on the face of the receipt;  and

(4) a statement of the grade and staple of the cotton represented by the receipt.

(c) The statement of grade and staple of cotton required on receipts by this section shall be determined by a licensed public cotton classer.  The public warehouse operator may not charge the depositor of the cotton more than 25 cents per bale for the statement.  If no licensed public cotton classer is available, the warehouse operator may issue a temporary receipt that:

(1) does not contain a statement of grade and staple of the cotton;

(2) has the words “temporary receipt” clearly stamped on its face;  and

(3) is exchangeable at any time after five days from the date of its issuance for a permanent warehouse receipt containing all information required by Subsection (b).

(d) Failure or neglect by a public warehouse operator to comply with the provisions of this section is a ground for revocation of a certificate to transact business as a public warehouse operator.

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Cite this article: FindLaw.com - Texas Agriculture Code - AGRIC § 14A.006. Receipt for Cotton - last updated January 01, 2024 | https://codes.findlaw.com/tx/agriculture-code/agric-sect-14a-006/

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