21—90.12 (203C) Issuance of warehouse receipts. A warehouse receipt shall be issued no later than the close of the next business day following demand by the depositor or depositor’s agent or, in absence of such demand, the warehouse receipt shall be issued within 12 months from date of deposit in the warehouse, unless the warehouse operator is in possession of a signed and dated statement from the depositor that the depositor does not want a warehouse receipt to be issued. Such waiver shall apply only to grain deposited in the warehouse prior to the date of the waiver.
	   90.12(1) Waiver. The waiver shall contain a minimum of the following information:
	      a.    	 Depositor’s name.
	      b.    	 Depositor’s signature.
	      c.    	 Date of deposit.
	      d.    	 Date of depositor’s signature.
	      e.    	 Number of bushels.
	      f.    	 Type of commodity.
The waiver must be signed within 12 months of the first delivery of the grain under waiver. If a depositor signs a statement that no warehouse receipt need be issued, such grain shall then be deemed as open storage and shall remain a warehouse obligation. A copy of this statement shall be maintained in the warehouse operator’s records. The original (white) warehouse receipt shall be given to the depositor upon demand. The depositor’s copy (green) shall be given to the depositor upon issuance of the warehouse receipt. The warehouse operator’s copy (yellow) shall be maintained by the warehouse operator in a separate file in numerical order while the warehouse receipt is outstanding.
	   90.12(2) Unpriced grain deemed held for storage after 30 days. Any grain received at any warehouse for which the actual sale price is not fixed and documented on the warehouse operator’s records or for which payment is not made on the thirtieth day shall be construed to be grain held for storage within the meaning of Iowa Code chapter 203C. The 30-day provision is applicable only when there has been no commitment for storage by the depositor, or the warehouse operator fails to have a policy posted in a conspicuous location in the place of business. Grain shall be considered as storage in less than 30 days if the receiving warehouse operator has a policy specifying when such grain shall be considered as storage. Such policy shall be posted at all times in a conspicuous location in the place of business. Warehouse receipts shall be issued in accordance with the provisions of Iowa Code section 203C.18. Grain held in storage after the thirtieth day or after the time period less than 30 days in accordance with the warehouse operator’s posted policy for which warehouse receipts have not been issued shall be considered as open storage. The warehouse operator’s tariff charges shall apply to open storage from date of deposit. Open storage shall be considered as a storage obligation.
	   90.12(3) Information on warehouse receipts. Not more than one product, or grade, or value of product shall be shown on a warehouse receipt. All grade factors pertinent to determining grade shall be shown on warehouse receipts issued for bulk grain, and any other information pertinent to the product, stored under warehouse receipt, should clearly be stated under the heading “Remarks.” The warehouse operator, in the inspection of the grain upon delivery, shall perform a sufficient amount of sampling of the grain to ensure a representative application of the grade factors to the grain. All warehouse receipts issued shall designate the person to whom the receipt is issued and whether it is issued negotiable or nonnegotiable.
	      a.    	 All warehouse receipts shall be issued on an accurate and complete basis. All applicable areas shall be filled in. Any of the following errors shall be cause to cancel and reissue the warehouse receipt:
	       (1)  	 Illegible changes or appearance of change in overall amount;
	       (2)  	 Change in the type of grain; or
	       (3)  	 Changing the warehouse receipt from negotiable to nonnegotiable or vice versa.
	      b.    	 Any alterations not directly prohibited shall be made by strike-through and replacement. No correction material shall be used. The person making the change shall initial and date the change. All copies shall be altered identically.
	   90.12(4) Restrictions on the issuance of collateral warehouse receipts. Collateral receipts cannot be issued for grain represented by credit-sale contract except for the percentage of bushels paid for through advances to sellers on grain purchased by credit-sale contract. The amount and percentage of advances shall be shown on the face of the credit-sale contract or on a listing which identifies the contracts and the amount of the advances.
This rule is intended to implement Iowa Code sections 203C.17 and 203C.18.