TITLE 69

WAREHOUSES

CHAPTER 2

BONDED WAREHOUSE LAW

69-225.  Loss of receipts — Conditions of reissue. While an original receipt issued under this chapter is outstanding and uncanceled by the warehouseman issuing the same no other or further receipt shall be issued for the agricultural commodity covered thereby or for any part thereof. In order to issue a new warehouse receipt supplementing one that has been lost or destroyed or to cancel an outstanding warehouse receipt that has been lost or destroyed, the licensed warehouseman shall require the depositor or other applicant to submit to the warehouseman: (1) an affidavit stating that he is lawfully entitled to possession of the original receipt, that he has not negotiated or assigned it and how the original receipt was lost or destroyed, and (2) a bond in an amount double the market value of the agricultural commodity represented by the lost or destroyed receipt. The market value shall be determined at the time this bond is submitted for the lost receipt. A warehouse receipt issued in lieu of a lost or destroyed receipt shall duplicate the original and bear a statement that it is issued in lieu of the lost or destroyed receipt. A duplicate receipt must clearly state on its face that it is a duplicate receipt, the number of the receipt it is replacing and the license number under which the original receipt was issued.

History:

[(69-225) 1919, ch. 152, sec. 25, p. 484; C.S., sec. 6202; I.C.A., sec. 67-225; am. 1983, ch. 44, sec. 11, p. 110; am. 1988, ch. 350, sec. 3, p. 1045.]