69-237. PARTIAL WITHDRAWAL OF COMMODITIES — ADJUSTMENT OR SUBSTITUTION OF RECEIPT — DUTIES OF WAREHOUSEMAN. When partial withdrawal of an agricultural commodity is made by a depositor, the warehouseman shall make appropriate notation thereof on the depositor’s nonnegotiable receipt or on other records. If the warehouseman has issued a negotiable receipt to the depositor he shall claim, cancel, and replace it with a negotiable receipt showing the amount of the depositor’s agricultural commodity remaining in the warehouse. For failure to claim and cancel a negotiable receipt which has been issued by him, a warehouseman shall be liable to anyone who purchases such receipt for value and in good faith, for failure to deliver all the agricultural commodity specified in the receipt, whether such purchaser acquired title to the negotiable receipt before or after delivery of any part of the agricultural commodity by the warehouseman.
History:
[69-237, added 1982, ch. 25, sec. 27, p. 45; am. 1983, ch. 44, sec. 13, p. 112; am. 1988, ch. 350, sec. 3, p. 1047.]