[Code of Federal Regulations]
[Title 7, Volume 7]
[Revised as of January 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR742.17]

[Page 362-363]
 
                          TITLE 7--AGRICULTURE
 
                            CHAPTER VII--FARM
                SERVICE AGENCY, DEPARTMENT OF AGRICULTURE
 
PART 742--COTTONSEED WAREHOUSES--Table of Contents
 
Sec. 742.17  Form.

    (a) Every receipt, whether negotiable or nonnegotiable, issued for 
cottonseed stored in a licensed 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) the tag number given to each 
bag or lot of cottonseed in accordance with Sec. 742.36; (5) a 
statement, conspicuously placed, whether or not the cottonseed is 
insured, and, if insured, to what extent, by the warehouseman against 
loss by fire, lightning, tornado, or flood; (6) a blank space designated 
for the purpose in which the condition of the cottonseed shall be 
stated; (7) the moisture content of the cottonseed at the time of 
storage; (8) the bin or compartment number in which the cottonseed is 
stored, if stored in bulk; (9) the words ``Not Negotiable'', or 
``Negotiable'', according to the nature of the receipt, clearly and 
conspicuously printed or stamped thereon; and (10) a statement 
indicating the amount of shrinkage agreed upon between the depositor and 
the warehouseman.

[[Page 363]]

    (b) Every receipt, whether negotiable, or nonnegotiable, issued for 
cottonseed stored in a licensed warehouse shall specify a period, for 
which the cottonseed is accepted for storage under the Act and the 
regulations in this part not to extend beyond July 1 following the year 
in which harvested. Upon demand and the surrender of the old receipt by 
the lawful holder thereof on or before July 1, the warehouseman, upon 
such lawful terms and conditions as may be granted by him at such time 
to other depositors of cottonseed in the warehouse, if he then continues 
to act as a licensed warehouseman, may either extend the old receipt by 
making a proper notation thereon or issue a new receipt for a further 
specified period not exceeding 3 months: Provided, That receipts 
covering seed stored in sacks as specified in Sec. 742.2(i) may be 
extended or new receipts issued for a further period not extending 
beyond June 30 following the second crop year in which the seeds were 
harvested, and provided it is actually determined in either case that 
the quality of the cottonseed has not been impaired, but in no event 
shall cottonseed of two different crop years be stored in the same bin, 
lot, or compartment. If receipts are extended by endorsements, such 
endorsement shall be made across the face of the receipt, shall be 
signed and dated by the licensed warehouseman as of the date of the 
extension, and shall read as follows: ``This receipt extended in 
accordance with the act and regulations not to extend beyond ______.''
    (c) The grade stated in a receipt issued for cottonseed, stored in a 
licensed warehouse, shall be stated in such receipt as determined by the 
licensed grader who last graded the cottonseed before the issuance of 
such receipt, and such receipt shall embody within its written or 
printed terms the following: (1) That the cottonseed was inspected by a 
licensed inspector, graded by a licensed grader, and weighed by a 
licensed weigher; (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 cottonseed covered by the 
receipt.
    (d) Whenever the grade or other class of the cottonseed is stated in 
a receipt issued for cottonseed stored in a licensed warehouse, such 
grade or other class shall be stated in the receipt in accordance with 
Secs. 742.77 through 742.79.
    (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)

[SRA, BAE 102, as amended July 14, 1931, as amended at 47 FR 745, Jan. 
7, 1982. Redesignated at 50 FR 1814, Jan. 14, 1985]