Section 824IAC2-10-3. Forwarding grain

   (a) When a licensee has received grain for storage from a depositor and the grain is to be forwarded as stored grain to another licensed warehouse, the initial warehouseman shall do the following:

(1) Agree with the depositor via a written contract or agreement that the depositor may waive redelivery of the grain at the facility where the grain was originally deposited.

(2) Ask for and receive, from the licensee operating the warehouse where the grain is being forwarded, a receipt for the grain.

(A) Upon receiving grain for storage from a licensee who is forwarding grain deposited with him, the licensee operating the warehouse to which the grain is being forwarded shall do the following:

(i) Issue a receipt to the initial licensee containing, in addition to the requirements in Rule 14 [824 IAC 2-10-14], the following:

(AA) The name of the initial licensee immediately followed by the statement, "as agent for his depositor(s)". and

(BB) Place on its face the following statement in bold and capital letters "NON-NEGOTIABLE".

(ii) Keep the forwarded grain in his licensed storage facilities and shall not forward or dispose of or transfer the grain as long as the receipt is outstanding.

  (b) A receipt issued to the initial licensee under this section shall be held by the initial licensee as evidence of inventory and not negotiated, pledged, transferred, assigned, disposed of, or otherwise encumbered. All rights shall accrue to the original depositor. (Indiana Grain Buyers and Warehouse Licensing Agency; 824 IAC 2-10-3; filed Jan 19, 2001, 3:04 p.m.: 24 IR 1661; readopted filed Nov 16, 2007, 2:00 p.m.: 20071212-IR-824070667RFA; readopted filed Nov 27, 2013, 1:30 p.m.: 20131225-IR-824130492RFA)