What US United States Warehouse Act (7 USC ch 10): Licensing of Agricultural Warehouses and Warehouse Receipts requires
The United States Warehouse Act (7 U.S.C. ch. 10, sections 241 to 256) authorizes the Secretary of Agriculture to license warehouse operators who store agricultural products for interstate or foreign commerce and to regulate the issuance of warehouse receipts, administered through the Farm Service Agency. Section 241 defines the terms, including warehouse, which means a structure or other approved storage facility in which any agricultural product may be stored or handled for the purposes of interstate or foreign commerce. Section 242 sets out the powers of the Secretary, including the authority to issue a license to a warehouse operator where the warehouse is determined to be suitable for the proper storage of the agricultural product and to inspect any licensed person or warehouse. Section 243 provides for the imposition and collection of fees, section 244 for quality and value standards, and section 245 for bonding and other financial assurance requirements. Section 246 requires the maintenance of records, section 247 requires fair treatment in the storage of agricultural products, and section 248 governs commingling. Section 250 provides that, at the request of the depositor, the warehouse operator shall issue a warehouse receipt as prescribed by the Secretary, and section 251 sets the conditions for delivery. Section 252 authorizes suspension or revocation of a license for a material violation, and section 254 sets the penalties, providing for a civil penalty of not more than 25,000 dollars per violation where no agricultural product is involved, or not more than 100 per centum of the value of the agricultural product where one is involved. The Act is the federal regime for licensed agricultural warehousing and negotiable warehouse receipts.
Pillar: Agriculture & Agritech · Authority: US Congress / Department of Agriculture (Farm Service Agency) · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title7/html/USCODE-2022-title7-chap10.htm
SHA-256 integrity: 1878a9720bfd19aabf82c45870f60297cb44f808ba6e18f57614188e0a8ab970
Primary Citations — 8 traced to source
- United States Warehouse Act, 7 U.S.C. 241 - definitions, including warehouse and agricultural product.
- United States Warehouse Act, 7 U.S.C. 242 - powers of the Secretary; licensing and inspection.
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