§ 250. — Warehouse receipts.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC250]
TITLE 7--AGRICULTURE
CHAPTER 10--WAREHOUSES
Sec. 250. Warehouse receipts
(a) In general
At the request of the depositor of an agricultural product stored or
handled in a warehouse licensed under this chapter, the warehouse
operator shall issue a receipt to the depositor as prescribed by the
Secretary.
(b) Actual storage required
A receipt may not be issued under this section for an agricultural
product unless the agricultural product is actually stored in the
warehouse 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 receipt, as the Secretary
may require by regulation.
(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 section, 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
transfer of other electronic documents, in accordance 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
accordance with regulations issued under this chapter.
(3) Treatment of holder
Any person designated as the holder of an electronic receipt or
other electronic document issued or transferred under this chapter
shall, for the purpose of perfecting the security interest of the
person under Federal or State law and for all other purposes, be
considered to be in possession of the receipt or other electronic
document.
(4) Nondiscrimination
An electronic receipt issued, or other electronic document
transferred, in accordance with this chapter shall not be denied
legal effect, validity, or enforceability on the ground that the
information is generated, sent, received, 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 document 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 respect to an agricultural product.
(7) Option for non-federally licensed warehouse operators
Notwithstanding any other provision of this chapter, a warehouse
operator not licensed under this chapter may, at the option of the
warehouse operator and in accordance with regulations established by
the Secretary, issue electronic receipts and transfer other
electronic documents in accordance with this chapter.
(8) Application to State-licensed warehouse operators
This subsection shall not apply to a warehouse operator that is
licensed under State law to store agricultural commodities in a
warehouse in the State if the warehouse operator elects--
(A) not to issue electronic receipts authorized under this
subsection; or
(B) to issue electronic receipts authorized under State law.
(Aug. 11, 1916, ch. 313, pt. C, Sec. 11, as added Pub. L. 106-472, title
II, Sec. 201, Nov. 9, 2000, 114 Stat. 2065.)
Prior Provisions
A prior section 250, acts Aug. 11, 1916, ch. 313, pt. C, Sec. 8, 39
Stat. 487; Mar. 2, 1931, ch. 366, Sec. 3, 46 Stat. 1463, authorized
designation as bonded warehouse upon filing of bond and approval by
Secretary, prior to the general amendment of this chapter by Pub. L.
106-472.
A prior section 11 of act Aug. 11, 1916, ch. 313, pt. C, was
classified to section 252 of this title, prior to the general amendment
of this chapter by Pub. L. 106-472.
