7 U.S.C. § 250 — Warehouse receipts

(a) In general: If someone stores or handles an agricultural product in a warehouse licensed under this chapter and asks for a receipt, the warehouse operator must give that depositor a receipt, in the form the Secretary prescribes. (b) Actual storage required: A warehouse can't issue a receipt for a product unless that product is actually in the warehouse at the time the receipt is issued. (c) Contents: Each receipt must include whatever information the Secretary requires by regulation, for each product it covers. (d) Prohibition on additional receipts or other documents: (1) Receipts: While a receipt is still outstanding and not canceled by the warehouse operator, the warehouse can't issue another receipt for the same product (or any part of it) — unless the Secretary allows it. (2) Other documents: If a document covering a product is transferred, no one may transfer a duplicate of that document for the same product, unless the Secretary allows it. (e) Electronic receipts and electronic documents (this subsection doesn't apply to anything covered by section 242(h)(2) of this title, and overrides other federal or state law): (1) In general: The Secretary may issue regulations allowing electronic receipts to be issued, recorded, and transferred, and other electronic documents to be transferred, under this subsection. (2) Electronic receipt or electronic document systems: These electronic receipts and documents may be handled through one or more systems that the Secretary approves under regulations issued under this chapter. (3) Treatment of holder: Whoever is named as the holder of an electronic receipt or document is treated, for purposes of securing a security interest and for all other purposes, as if they physically possess the receipt or document. (4) Nondiscrimination: An electronic receipt or document is not denied legal effect, validity, or enforceability just because it was generated, sent, received, or stored electronically. (5) Security interests: If more than one security interest exists in a product covered by an electronic receipt or document, the applicable federal or state law decides which interest has priority. (6) No electronic receipt required: No one has to issue a receipt or document in electronic form. (7) Option for non-federally licensed warehouse operators: A warehouse operator that isn't licensed under this chapter may still choose, under the Secretary's regulations, to issue electronic receipts and transfer electronic documents this way. (8) Application to State-licensed warehouse operators: This subsection doesn't apply to a warehouse operator licensed under state law to store agricultural commodities, if that operator chooses either: (A) not to issue electronic receipts authorized under this subsection; or (B) to issue electronic receipts authorized under state law instead.