Rules & Regulations of the State of Tennessee
Title 0080 - Department of Agriculture
Subtitle 0080-05 - Markets
Chapter 0080-05-14 - Commodity Warehouse Regulations
Section 0080-05-14-.03 - WAREHOUSE RECEIPTS AND RECORDS

Universal Citation: TN Comp Rules and Regs 0080-05-14-.03

Current through September 24, 2024

(1) Receipts must be issued for all grain stored in a warehouse. Receipts need not be issued against non-storage grain, but each warehouseman shall keep accurate records of the weights, kinds, and grades, if graded, of all lots of non-storage grain received into and delivered from his warehouse. Whenever the purpose for which any lot of non-storage grain was received into a warehouse is changed so that its approximate delivery period from the warehouse becomes indeterminate, receipts shall be issued to cover such grain. Records required under this section respect to non-storage grain shall be retained, as a part of the records of the warehouse, for a period of one (1) year after December 31 of the year in which the loss of non-storage grain is delivered from the warehouse.

(2) No warehouse receipt shall be issued except upon actual delivery of grain into storage in the warehouse from which it purports to be issued; nor shall any receipt be issued for a greater quantity of grain than was contained in the lot or parcel so received for storage; nor shall more than one receipt be issued for the same lot of grain, except in case where a receipt for a part of a lot is desired; and then the aggregate receipts for a particular lot shall cover that lot and no more.

(3) No warehouseman shall issue or aid the issuance of a receipt for grain knowing that the grain for which such receipt is issued has not actually been received by such warehouseman, or that the grain is not under his actual control at the time of issuing such receipt.

(4) Every public grain warehouseman shall keep in a place of safety complete, separate and correct records and accounts pertaining to the public grain warehouse including, but not limited to, records and accounts of gross and net worth and liabilities, records and accounts of all grain received therein and withdrawn therefrom, all unissued receipts and tickets in its possession, copies of all receipts and tickets issued by it, and the receipts and tickets returned to and cancelled by it. Such records shall be retained by the public grain warehouseman for a period of five (5) years.

(5) Every warehouse receipt shall have embodied within its written or printed terms the following:

(a) The legal name of the warehouse;

(b) If the license covers multiple locations, the receipt must indicate at which location delivery was made;

(c) The kind of grain;

(d) The number of bushels stored;

(e) The words "Negotiable" or Non-negotiable" according to the nature of the receipt.

(f) The date the grain was delivered for storage; and

(g) Be numbered consecutively.

(6) Warehouse receipts need not be issued for "Grain Bank" grain stored at a mill.

(7) A daily position record (grain inventory accountability record) shall be maintained on a daily basis by commodity. Postings for each day shall reflect actual changes in inventory for that day. The daily position record shall provide for a separate accounting, by column, for the following:

(a) Summary stock record showing amounts of grain received, loaded out of the warehouse, adjustments, total inventory in the warehouse, redeposited grain (if applicable).

(b) Storage obligation:
1. Negotiable and non-negotiable warehouse receipts liability; and

2. Storage liability to depositors (indicated by settlement sheet records, scale tickets, and other such documents, other than a warehouse receipt.)

(c) Unrejected company owned grain:
1. Grain in the warehouse; and

2. Redeposited grain, if applicable.

(d) The daily position record shall show a summary of total outstanding obligations and unreceipted company owned grain which shall equal the total of inventory in the warehouse and redeposited grain.

Authority: T.C.A. §§ 4-3-203 and 43-32-213.

Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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