411.420. Lost receipts--procedure.
Lost receipts--procedure.
411.420. 1. Where a negotiable receipt has been lost ordestroyed by the holder of the receipt, the director may orderthe delivery of the grain upon satisfactory proof of such loss ordestruction and upon the giving of a bond with sufficientsureties to be approved by the director, conditioned to indemnifythe warehouseman or any holder or other person entitled to thegrain against all loss, liability, or expense which he or theymay sustain by reason of such delivery. The director shall alsoat his discretion order the payment of the warehouseman'sreasonable costs and counsel fees. The delivery of the grainunder an order of the director, as provided in this section,shall not relieve the warehouseman from liability to a person towhom the negotiable receipt has been or shall be negotiated forvalue without notice of the proceedings or the delivery of thegrain.
2. Where a negotiable receipt has been lost or destroyed bythe warehouseman, the director may, upon proof of such loss ordestruction, require the warehouseman to sign an affidavitstating that the receipt has been lost or destroyed and cannot beproduced for cancellation and that delivery or payment in fullfor the grain represented by the receipt has been made to theholder and that the warehouseman has not negotiated the receiptfor value. The director may request the person to whom thereceipt was issued or the person to whom the original holdernegotiated the receipt to sign an affidavit stating that he hasreceived delivery or payment in full for the grain represented bythe receipt and that the receipt was willingly and truthfullypresented to the warehouseman for cancellation.
(L. 1941 p. 373 § 30, A.L. 1980 S.B. 601)