OAR 603-032-0155: Warehouse Receipts

(1) All warehouse receipts must be pre-numbered within the warehouse station license number assigned by the Department (see OAR 603-032-0100). Such warehouse receipts, both used and unused, must be maintained at the same location where all other grain storage records are maintained. Used warehouse receipts which have been returned to or picked up by the warehouseman must be filed together consecutively and marked “Cancelled.” They may be attached to the file copy maintained by the warehouseman if all are handled in the same manner. (2) A negotiable warehouse receipt and its copy must always accurately reflect and represent the amount of grain in storage. Before any release of grain or any use of grain is permitted, represented by such negotiable warehouse receipt, the warehouseman must obtain and keep such receipt, marking it “Cancelled.” A new negotiable or non-negotiable warehouse receipt can then be issued covering the remainder of the grain that will be in storage (see ORS 586.385). (A warehouseman may make an appropriate notation of withdrawal of grain on the depositor’s non-negotiable warehouse receipt and on other books of original entry, if desired). (3) In the event a warehouse receipt is subject to cancellation in accordance with section (1) or (2) of this rule, and is lost, mutilated, or destroyed, then the warehouseman shall obtain an affidavit containing the facts surrounding such loss, mutilation, or destruction, executed by the person responsible for the custody of such warehouse receipt. The affidavit shall be subject to review and approval of the Department and a duplicate original of such affidavit shall be retained in lieu of the warehouse receipt. (4) In the event a warehouse receipt is outstanding and is lost, mutilated, or destroyed, then the warehouseman shall comply with the provision of ORS 77.6010 (Uniform Commercial Code).