Effective - 28 Aug 1965
411.531. Failure to take up and cancel receipt — warehouseman liable — when. — Except as provided, where a warehouseman delivers grain for which he had issued a negotiable receipt, the negotiation of which would transfer the right to the possession of the grain, and fails to take up and cancel the receipt, he shall be liable to anyone who purchases for value in good faith the receipt, for failure to deliver the grain to him whether the purchaser acquired title to the receipt before or after the delivery of the grain by the warehouseman.
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(L. 1965 p. 606)