[Code of Federal Regulations]
[Title 7, Volume 7, Parts 700 to 899]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR739.16]

[Page 307-308]
 
                          TITLE 7--AGRICULTURE
 
                            CHAPTER VII--FARM
                SERVICE AGENCY, DEPARTMENT OF AGRICULTURE
 
PART 739--DRY BEAN WAREHOUSES--Table of Contents
 
Sec. 739.16  Form.

    (a) Every receipt, whether negotiable or nonnegotiable, issued for 
beans stored in a warehouse shall, in addition to complying with the 
requirements of section 18 of the act, embody within its written or 
printed terms the following: (1) The name of the licensed warehouseman 
and the designation, if any, of the warehouse, (2) the license number of 
the warehouse, (3) a statement whether the warehouseman is incorporated 
or unincorporated, and if incorporated, under what laws. (4) in the 
event the relationship between the warehouseman and any depositor is not 
that of strictly disinterested custodianship, a statement setting forth 
the actual relationship, (5) the tag number given to each lot of beans 
in accordance with Sec. 739.33, (6) a statement conspicuously placed, 
whether or not the beans are insured, and, if insured, to what extent, 
by the warehouseman against loss by fire, lightning, or tornado, (7) a 
blank space designated for the purpose in which the condition of the 
beans shall be stated, (8) a blank space designated for the purpose in 
which the variety of the beans shall be stated, (9) the net weight, as 
well as the dockage or pick, if any, (10) the words ``Negotiable,'' or 
``Nonnegotiable,'' according to the nature of the receipt, clearly and 
conspicuously printed or stamped thereon, and (11) a statement 
indicating the amount of

[[Page 308]]

shrinkage and/or pickage agreed upon between the depositor and the 
warehouseman, in the case of nonidentity preserved beans.
    (b) Every receipt, whether negotiable or nonnegotiable, issued for 
beans stored in a warehouse shall specify a period, not exceeding one 
year, for which the beans are accepted for storage under the act and the 
regulations in this part, but, upon demand and surrender of the old 
receipt by the lawful holder thereof at or before the expiration of the 
specified period, the warehouseman, upon such lawful terms and 
conditions as may be granted by him at such time to other depositors of 
beans in the warehouse, may issue a new receipt for a further specified 
period not exceeding one year: Provided: (1) In the case of beans stored 
identity preserved it is first actually determined by a licensed 
inspector that the beans have not deteriorated and are in proper 
condition for further storage; and (2) in the case of beans stored on a 
fungible basis that the warehouseman determines the total quantity of 
beans covered by outstanding receipts calling for the same grade of 
beans as called for by the surrendered receipt, that the licensed 
inspector determines that all beans of the grade in question and stored 
on a fungible basis are in proper condition for further storage, and 
that the warehouseman determines that he has sufficient quantity of 
beans of the proper grade as determined by the licensed inspector to 
cover all outstanding receipts including the surrendered receipt.
    (c) The grade stated in a receipt issued for beans the identity of 
which is not to be preserved shall be stated as determined by the 
licensed grader who last graded the beans before the issuance of such 
receipt; and such receipt shall embody within its written or printed 
terms the following: (1) That the beans covered by the receipt were 
inspected and graded by a licensed inspector, and (2) a form of 
indorsement which may be used by the depositor, or his authorized agent, 
for showing the ownership of, and liens, mortgages or other encumbrances 
on the beans covered by the receipt.
    (d) Whenever the grade or other class of beans is stated in a 
receipt issued for beans stored in a warehouse, such grade or other 
class shall be stated in the receipt in accordance with Secs. 739.73 
through 739.75.
    (e) If a warehouseman issues a receipt omitting the statement of 
grade on request of the depositor as permitted by section 18 of the act, 
such receipt shall have clearly and conspicuously stamped or written on 
the face thereof the words ``Not graded on request of depositor.''
    (f) If a warehouseman issues a receipt under the act omitting any 
information not required to be stated for which a blank space is 
provided in the form of the receipt, a line shall be drawn through such 
space to show that such omission has been made by the warehouseman.

(Approved by the Office of Management and Budget under control number 
0560-0120)

[10 FR 4964, May 4, 1945; 13 FR 8729, 8731, Dec. 30, 1948; 19 FR 57, 
Jan. 6, 1954, as amended at 47 FR 745, Jan. 7, 1982. Redesignated at 50 
FR 1814, Jan. 14, 1985]