Current through August 31, 2023
01.
Every Warehouseman. Every
warehouseman shall issue a negotiable warehouse receipt when requested to do so
by the depositor. All storage and handling charges are due and payable on or
before July 1 following the date of the issuance of the receipt, or as agreed
upon by the parties. (3-15-22)
02.
Form of Nonnegotiable Warehouse Receipts. Nonnegotiable warehouse
receipts that contain the essential terms for warehouse receipts as set forth
in Section
28-7-202, Idaho Code, and Section
69-223, Idaho Code, are deemed
sufficient for all purposes. Copies of all nonnegotiable warehouse receipts
shall be kept as permanent records by the warehouseman issuing them.
(3-15-22)
03.
Lost Negotiable
Warehouse Receipt. To cancel an outstanding warehouse receipt or issue a
new warehouse receipt supplementing one that has been lost or destroyed, the
licensed warehouseman shall require the depositor or other applicant to submit
to the warehouseman: (3-15-22)
a. An
affidavit showing that he is lawfully entitled to the possession of the
original receipt, that he has not negotiated or assigned it and how the
original receipt was lost or destroyed; and (3-15-22)
b. A bond in the 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 duplicate warehouse receipt shall clearly
state that it is a duplicate receipt, the number of the receipt the duplicate
is replacing, and the license number under which the original receipt was
issued. (3-15-22)
04.
Electronic Warehouse Receipts. An electronic version of a
warehouse receipt generated by a provider licensed and approved by the United
States Department of Agriculture (USDA) that contains the same information as
the paper version of a warehouse receipt may be issued instead of a paper
document. The electronic version of a warehouse receipt carries the same rights
and obligations as the paper version. At no time may a paper receipt and an
electronic receipt represent the same lot of commodity. Electronic warehouse
receipts shall be numbered and issued consecutively starting with the number
specified to the provider by the department. (3-15-22)
05.
Agreements. Prior to
entering into an agreement with an electronic warehouse receipt provider to
issue such receipts, a warehouse licensee must provide a copy of the proposed
agreement to the department for review and approval. A warehouse operator shall
not issue electronic negotiable warehouse receipts until and unless the
department approves its agreement with an electronic warehouse receipt provider
and notifies the licensee of such approval. A provider shall be independent of
any outside influence or bias in action or appearance. In order to be approved
by the department, an electronic warehouse receipt provider agreement shall:
(3-15-22)
a. Only be with a provider that is
first approved as an electronic warehouse receipt provider by the USDA pursuant
to the provisions of 7 CFR Part 735 . Upon department request, a provider shall
provide a copy of the provider's executed USDA Form WA-460 and any addenda, and
any other documentation requested by the department to confirm that the
provider is a USDA-approved provider in good standing. (3-15-22)
b. Provide for the department to become a
joint holder on all open electronic negotiable warehouse receipts if the
issuing warehouse operator's license is relinquished or revoked.
(3-15-22)
c. Require the provider
to provide security as required by its provider agreement with the USDA
regarding on-site security, data authorization, security plans, and facility
vulnerability. (3-15-22)
d.
Prohibit the provider from deleting or altering any electronic negotiable
warehouse receipts in the centralized filing system unless such actions are
authorized by the department. (3-15-22)
e. Allow the department unrestricted access
to the central filing system for electronic warehouse receipts issued on behalf
of warehouse operators licensed by the department. The electronic warehouse
receipt data shall be maintained for six (6) years after cancellation of the
receipts. Access shall be free of charge and made available in a manner that
allows interaction with department warehouse examinations. (3-15-22)
f. Require the provider, when a warehouse
operator changes provider, to supply the new provider and the warehouse
operator with a complete list of all the current holders of open electronic
negotiable commodity warehouse receipts prior to the intended transfer date.
(3-15-22)
06.
Change in Provider. A warehouse operator shall issue electronic
warehouse receipts through only one (1) approved provider at a time. (3-15-22)
a. A warehouse operator may change providers
only once a year unless otherwise approved by the department.
(3-15-22)
b. A warehouse operator
shall notify the department of the exact date of the proposed transfer thirty
(30) calendar days prior to the intended date of any transfer to a new
provider. The operator must also, thirty (30) days prior to the intended
transfer date, send notices of the change to the holders of all open electronic
negotiable warehouse receipts specifying the date and time period during which
access to receipts will not be available. (3-15-22)
