Paper Warehouse Receipts Sample Clauses
The 'Paper Warehouse Receipts' clause establishes the use and recognition of physical, paper-based documents as evidence of goods stored in a warehouse. In practice, this clause specifies that the warehouse operator will issue a tangible receipt to the depositor, which serves as proof of ownership and can be transferred or used in transactions, such as securing loans or selling the goods. Its core function is to provide a clear, legally recognized method for documenting and transferring rights to stored goods, thereby facilitating trade and reducing disputes over ownership.
Paper Warehouse Receipts. A. Content Every paper warehouse receipt, whether negotiable or non-negotiable, issued for dry beans stored in a USWA warehouse, in addition to complying with the requirements of Section 11 of the USWA and 7 CFR 735, Subpart D, must embody within its written or printed terms (each of the following):
(a) the name of the Warehouse Operator and the designation, if any, of the warehouse facility;
(b) the location of the warehouse in which the dry beans are stored;
(c) the Warehouse Operator’s license number;
(d) the CCC storage agreement code number, if applicable;
(e) the issuance date of the warehouse receipt;
(f) the consecutive number of the warehouse receipt;
(g) the name of the depositor or lawful owner;
(h) a statement as to whether the dry beans received are to be delivered to the holder, to a specified person, or their order;
(i) prepaid warehouse charges, if applicable;
(j) a description of the dry beans received, including the quantity, class, grade, and the standard or description in accordance with which such classification has been made (each of these apply):
(i) The grade stated in a warehouse receipt must be the weighted average of the numeric grades as determined by the inspector and as indicated on the applicable inspection certificate(s) or as determined by an FGIS official service provider; however, if an appeal of the grade determination has been requested and obtained, the grade stated on such warehouse receipt shall be the final appeal grade; and Except in the case of identity-preserved dry beans, if, at the request of the depositor, the Warehouse Operator issues a warehouse receipt omitting the statement of grade, such warehouse receipt shall have clearly and conspicuously stamped or written on the face thereof, or included as part of the paper warehouse receipt, the following statement: “Not graded at the request of the depositor.” Percentage of dockage and foreign material, if applicable; a statement that the warehouse receipt is issued subject to the USWA, the regulations, and this Agreement and its rules;
Paper Warehouse Receipts. A. Issuance The warehouse operator agrees to:
1. Issue warehouse receipts for any cottonseed stored in a warehouse at the request of a depositor.
2. Prior to issuing any warehouse receipt under the Act, obtain a copy of the original weight certificate, original inspection certificate or original inspection and weight certificate representing the cottonseed. The warehouse operator’s records must identify the certificate(s) used as the basis for issuing the receipt and retained for a period of three years after December 31 of the year in which issued. Certificates filed in the office of an independent inspection or weighing agency or with a U. S. Registrar meet this requirement.
B. Form
1. Every warehouse receipt, whether negotiable or non-negotiable, issued for cottonseed stored in a licensed warehouse must, in addition to complying with the requirements of section 11 of the Act, embody within its written or printed terms the following:
a. The name of the warehouse operator and the designation, if any, of the warehouse.
b. The warehouse operator’s license number.
c. The Commodity Credit Corporation contract number, if applicable.
d. A statement whether the warehouse operator is incorporated or unincorporated, and if incorporated, under what laws.
e. In the event the relationship existing between the warehouse operator and any depositor is not that of a strictly disinterested custodianship, a statement setting forth the actual relationship.
f. A statement conspicuously placed, whether or not the cottonseed is insured, and, if insured, to what extent, by the warehouse operator against loss by fire, lightning, or other risk.
g. The tag number of the bag or lot of cottonseed.
h. A blank space for recording the condition of the cottonseed.
i. The moisture content.
j. The bin or compartment number in which stored.
k. The net weight, including dockage, if any, of the cottonseed.
l. The words "Not Negotiable," or "Negotiable," according to the nature of the receipt, clearly and conspicuously printed or stamped thereon.
m. A statement indicating the amount of shrinkage agreed upon between the warehouse operator and the depositor.
2. Every negotiable warehouse receipt issued must, in addition to conforming with the requirements of paragraph (a), embody within its written or printed terms, a form of endorsement which may be used by the depositor, or their authorized agent, for showing the ownership of, and liens, mortgages, or other encumbrances on the cottonseed cove...
Paper Warehouse Receipts