While an original receipt is outstanding and uncanceled by the warehouseman issuing the same, no other or further receipt may be issued for the product covered thereby or any part thereof. If the receipt is lost or destroyed, a new receipt may be issued like the first in all particulars, subject to the state and federal law, upon satisfactory security being given as prescribed by the Secretary of Agriculture.
The licensed warehouseman, in the absence of some lawful excuse, is required, without unnecessary delay, to deliver the products stored, upon demand either by the holder of the receipt or by the depositor, if such demand is accompanied with: 1. An offer to satisfy the warehouseman's lien.
2. An offer to surrender the receipt, if negotiable, with such indorsements as would be necessary for the negotiation of the receipt.
3. A willingness and readiness to sign, when the products are delivered, and acknowledgment that they have been delivered, if such signature is required by the warehouseman.
The warehouseman is required plainly to cancel the receipt upon delivery of the product.
The warehouseman must keep in a place of safety complete and correct records of all agricultural products stored in his ware house and withdrawn therefrom, of all warehouse receipts issued by him, and of those returned to and canceled by him; and he must report to the Secretary of Agriculture the condition, contents, operation, and business of his warehouse, in such form and at such times as the Secretary may require. The products stored, as well as the warehouse and the records, are subject to inspection by the Secretary.
Every person who shall forge, alter, counterfeit, simulate, or falsely represent, or without proper authority use, any license issued under this act, or who shall violate or fail to comply with any provision of the law relative to bonding, or who shall issue a false or fraudulent receipt or certificate, shall be deemed guilty of a misdemeanor, and upon conviction be subject to fine or imprisonment or both.