(a) A public warehouse operator shall immediately deliver property held in the warehouse on:
(1) presentation of a properly endorsed receipt issued by the warehouse operator to represent the property; and
(2) payment by the holder of the receipt of all proper warehouse charges on property represented by the receipt.
(b) Unless a receipt has been lost or canceled, a public warehouse operator may not deliver property represented by a receipt until the receipt is surrendered and canceled.

(c) On delivery of goods represented by a receipt, the public warehouse operator shall cancel the receipt by writing “canceled” in ink on the receipt and placing the warehouse operator’s name on the face of the receipt. A canceled receipt is void and may not be circulated.
(d) A public warehouse operator who fails to strictly comply with this section is liable to the legal holder of the receipt for the full value of the property represented by the receipt, based on the value of the property at the time of the default.