7 U.S.C. § 249 — Transfer of stored agricultural products

Page 360 TITLE 7—AGRICULTURE § 249 (b) Liability A warehouse operator shall be severally liable to each depositor or holder for the care and re- delivery of the share of the depositor and holder of the commingled agricultural product to the same extent and under the same circumstances as if the agricultural products had been stored separately. (Aug. 11, 1916, ch. 313, pt. C, § 9, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2065.) Editorial Notes PRIOR PROVISIONS A prior section 248, acts Aug. 11, 1916, ch. 313, pt. C, § 9, 39 Stat. 487; Mar. 2, 1931, ch. 366, § 4, 46 Stat. 1464, re- lated to issuance of licenses to persons other than warehousemen, prior to the general amendment of this chapter by Pub. L. 106–472. See section 242 of this title. § 249. Transfer of stored agricultural products (a) In general In accordance with regulations promulgated under this chapter, a warehouse operator may transfer a stored agricultural product from one warehouse to another warehouse for continued storage. (b) Continued duty The warehouse operator from which agricul- tural products have been transferred under sub- section (a) shall deliver to the rightful owner of such products, on request at the original ware- house, such products in the quantity and of the kind, quality, and grade called for by the receipt or other evidence of storage of the owner. (Aug. 11, 1916, ch. 313, pt. C, § 10, as added Pub. L. 106–472, title II, § 201, Nov. 9, 2000, 114 Stat. 2065.) Editorial Notes PRIOR PROVISIONS A prior section 249, act Aug. 11, 1916, ch. 313, pt. C, § 7, 39 Stat. 487, entitled injured persons to bring actions on bonds, prior to the general amendment of this chapter by Pub. L. 106–472. See section 245 of this title. A prior section 10 of act Aug. 11, 1916, ch. 313, pt. C, was classified to section 251 of this title, prior to the general amendment of this chapter by Pub. L. 106–472. § 250. Warehouse receipts (a) In general At the request of the depositor of an agricul- tural product stored or handled in a warehouse licensed under this chapter, the warehouse oper- ator shall issue a receipt to the depositor as pre- scribed by the Secretary. (b) Actual storage required A receipt may not be issued under this section for an agricultural product unless the agricul- tural product is actually stored in the ware- house at the time of the issuance of the receipt. (c) Contents Each receipt issued for an agricultural product stored or handled in a warehouse licensed under this chapter shall contain such information, for each agricultural product covered by the re- ceipt, as the Secretary may require by regula- tion. (d) Prohibition on additional receipts or other documents (1) Receipts While a receipt issued under this chapter is outstanding and uncanceled by the warehouse operator, an additional receipt may not be issued for the same agricultural product (or any portion of the same agricultural product) represented by the outstanding receipt, except as authorized by the Secretary. (2) Other documents If a document is transferred under this sec- tion, no duplicate document in any form may be transferred by any person with respect to the same agricultural product represented by the document, except as authorized by the Secretary. (e) Electronic receipts and electronic documents Except as provided in section 242(h)(2) of this title, notwithstanding any other provision of Federal or State law: (1) In general The Secretary may promulgate regulations that authorize the issuance, recording, and transfer of electronic receipts, and the trans- fer of other electronic documents, in accord- ance with this subsection. (2) Electronic receipt or electronic document systems Electronic receipts may be issued, recorded, and transferred, and electronic documents may be transferred, under this subsection with respect to an agricultural product under, a system or systems maintained in one or more locations and approved by the Secretary in ac- cordance with regulations issued under this chapter. (3) Treatment of holder Any person designated as the holder of an electronic receipt or other electronic docu- ment issued or transferred under this chapter shall, for the purpose of perfecting the secu- rity interest of the person under Federal or State law and for all other purposes, be con- sidered to be in possession of the receipt or other electronic document. (4) Nondiscrimination An electronic receipt issued, or other elec- tronic document transferred, in accordance with this chapter shall not be denied legal ef- fect, validity, or enforceability on the ground that the information is generated, sent, re- ceived, or stored by electronic or similar means. (5) Security interests If more than one security interest exists in the agricultural product that is the subject of an electronic receipt or other electronic docu- ment under this chapter, the priority of the security interest shall be determined by the applicable Federal or State law. (6) No electronic receipt required A person shall not be required to issue in electronic form a receipt or document with re- spect to an agricultural product.