(1) A negotiable warehouse receipt must be either a paper or an electronic document. At no time may a paper receipt and an electronic receipt represent the same lot of the commodity. A licensee may issue warehouse receipts by use of a written warehouse receipt system, an electronic warehouse receipt system, or both.
The department is the sole source of paper negotiable warehouse receipts and shallfurnish those receipts at cost.
Instead of a paper document, a licensee may issue an electronic negotiable version ofa warehouse receipt generated by a vendor licensed and approved by the United States department of agriculture if the receipt contains the same information as the paper version of a warehouse receipt. The electronic version of a warehouse receipt carries the same rights and obligations as the paper version. A holder of an electronic version of a warehouse receipt may redeem the warehouse receipt by applying an electronic signature registered and authenticated by a vendor credited by the United States department of agriculture.
The commissioner may promulgate rules regarding the issuance, use, and recordsrequirements of negotiable warehouse receipts.
Source: L. 2020: Entire article amended with relocations, (HB 20-1213), ch. 160, p. 729, § 2, effective June 29.
Editor's note: This section is similar to former § 35-36-112 as it existed prior to 2020.