Ala. Admin. Code r. 80-6-5-.05
Current through Register Vol. 43, No. 1, October 31, 2024
Section 80-6-5-.05 - Warehouse Receipt Requirements(1) All negotiable receipts issued for cotton must state, in addition to the requirements set out in the Uniform Commercial Code Documents of Title, Act, the weight, grade if known, private mark, and condition, if subject to comment, of the cotton when stored, except, that upon request in writing, the weight of the bale may be omitted from receipts issued for shippers cotton, provided such receipts are marked: NOT WEIGHED BY WAREHOUSE ISSUING THIS RECEIPT. In the absence of such written request not to weigh each bale of cotton received for storage each such bale must be accurately weighed by the warehouseman at the time it is received for storage, and the weight so determined shall be the weight inserted in the warehouse receipt. Provided, however, that any bale tendered for storage which bears external evidence of mud, excessive moisture, or weather damage, shall not be weighed for storage and a negotiable warehouse receipt shall not be issued thereon, until such bale is properly dried and cleaned, and any damage thereto plainly noted on the face of such receipt.(2) Every receipt issued must state on its face whether it is negotiable or nonnegotiable.(3) All warehouse receipts, whether negotiable or nonnegotiable must state plainly on their face whether the commodities represented by them are insured or not.(4) Warehouse receipts shall be numbered consecutively and shall not be construed to prevent the issuance of receipts in regular sequence with respect to numbers assigned to cotton or other articles of value being stored from time to time in large quantities by one person or concern.(5) There shall be printed on the face of every receipt, at lower left portion thereof, a statement of the nature of all charges to be made by the warehouseman which shall include the rate of monthly storage and the nature (though not the amount of the charge) of other services for which a lien is claimed.(6) When a tariff charge covering receiving services or the first month's storage, or both, is collected at the time a warehouse receipt is issued, a notation of the collection of such charge or charges shall be made on the face of the warehouse receipt.(7) A statement of ownership and all encumbrances on the articles of value on which a negotiable receipt has been issued which are not evidenced on the face of the receipt and the date of said statement shall be written or printed immediately before the space for endorsement on the back of every receipt.(8) Receipts issued for the storage of cotton linters, motes and other waste cotton shall not be issued on receipt forms prescribed for lint cotton, and such receipts shall be printed on distinctive paper stock of a different color from receipts used for storage of lint cotton. Receipt forms used for the storage of cotton linters, motes and other waste cotton must be approved by the Commissioner of Agriculture and Industries.(9) In case of a lost or destroyed receipt, a new receipt upon the same terms subject to the same conditions and bearing on its face the number and the date of the receipt in lieu of which it is issued and a plain and conspicuous statement that it is a duplicate issued in lieu of a lost or destroyed receipt, may be issued upon compliance with the conditions set out below.(10) Before issuing such duplicate receipt the warehouseman shall require the depositor or other person applying therefor to make and file with the warehouse 1. an affidavit showing that he is lawfully entitled to the possession of the original receipt, that he has not negotiated or assigned it, how the original receipt was lost or destroyed, and, if lost, that diligent effort has been made to find the receipt without success, and 2. a bond in an amount double the value, at the time the bond was given, of the cotton, or other articles of value on which a negotiable receipt has been issued, represented by the lost or destroyed receipt. Such bond shall be in a form approved for the purpose by the Commissioner of Agriculture and Industries, shall be conditioned to indemnify the warehouseman against any loss sustained by reason of the issuance of such duplicate receipt, and shall have as surety thereon a surety company which is authorized to do business and is subject to service of process in a suit on the bond, in the State of Alabama or two individuals each of whom owns real property having a value, in excess of all exemptions and encumbrances, to the extent of double the amount of the bond. Author: Charles H. Barnes
Ala. Admin. Code r. 80-6-5-.05
Statutory Authority:Code of Ala. 1975, § 8-15-2.