203C.39 - GRAIN STORED IN ANOTHER WAREHOUSE.
203C.39 GRAIN STORED IN ANOTHER WAREHOUSE.
A licensed warehouse operator may store grain in any other
warehouse in Iowa licensed in accordance with section 203C.6 or the
United States Warehouse Act, 7 U.S.C. ch. 10, subject to the
following conditions:
1. The warehouse operator must obtain from such warehouse
operator a nonnegotiable warehouse receipt and such receipt must show
clearly the following notation: "Held in trust for depositors of"
(name of original receiving warehouse).
2. When the warehouse operator begins to use the additional
facilities described in this section, the operator must have
sufficient net worth under section 203C.6 or provide a deficiency
bond or an irrevocable letter of credit to cover the increase in the
operator's gross capacity.
3. A licensed warehouse operator may transfer grain for storage
to another licensed warehouse operator while the warehouse operator
receiving such grain has grain stored elsewhere under the provisions
of this section. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 543.39] Section History: Recent Form
86 Acts, ch 1152, § 30; 89 Acts, ch 143, §1102
C93, § 203C.39
2003 Acts, ch 69, §20