411.531. Failure to take up and cancel receipt--warehouseman liable--when.
Failure to take up and cancel receipt--warehouseman liable--when.
411.531. Except as provided, where a warehouseman deliversgrain for which he had issued a negotiable receipt, thenegotiation of which would transfer the right to the possessionof the grain, and fails to take up and cancel the receipt, heshall be liable to anyone who purchases for value in good faiththe receipt, for failure to deliver the grain to him whether thepurchaser acquired title to the receipt before or after thedelivery of the grain by the warehouseman.
(L. 1965 p. 606)