Ohio Code 926.25 – Sale or pledge of receipt issued for an agricultural commodity
(A) Any licensed handler operating a warehouse in this state may make a valid sale or pledge of any receipt issued for an agricultural commodity of which he is the owner either solely, jointly, or in common with others. The recital of ownership on the receipt shall constitute notice of the right to sell or pledge it and of the title or specific lien of the transferee or pledgee on the handler’s commodity represented by the receipt.
Terms Used In Ohio Code 926.25
- Agricultural commodity: means corn, soybeans, wheat, or any other agricultural crop that the director of agriculture may designate by rule. See Ohio Code 926.01
- agriculture: includes farming; ranching; aquaculture; algaculture meaning the farming of algae; apiculture and related apicultural activities, production of honey, beeswax, honeycomb, and other related products; horticulture; viticulture, winemaking, and related activities; animal husbandry, including, but not limited to, the care and raising of livestock, equine, and fur-bearing animals; poultry husbandry and the production of poultry and poultry products; dairy production; the production of field crops, tobacco, fruits, vegetables, nursery stock, ornamental shrubs, ornamental trees, flowers, sod, or mushrooms; timber; pasturage; any combination of the foregoing; the processing, drying, storage, and marketing of agricultural products when those activities are conducted in conjunction with, but are secondary to, such husbandry or production; and any additions or modifications to the foregoing made by the director of agriculture by rule adopted in accordance with Chapter 119 of the Revised Code. See Ohio Code 1.61
- handler: means any person who is engaged in the business of agricultural commodity handling. See Ohio Code 926.01
- Lien: A claim against real or personal property in satisfaction of a debt.
- Negotiable receipt: means a receipt on which it is stated that the agricultural commodity received will be delivered to the bearer or to the order of any person named in the receipt. See Ohio Code 926.01
- Receipt: means a warehouse receipt issued by a licensed handler. See Ohio Code 926.01
- state: means the state of Ohio. See Ohio Code 1.59
- Warehouse: means any building, bin, protected enclosure, or similar premises under the control of a licensed or unlicensed handler used for receiving, storing, shipping, or handling an agricultural commodity. See Ohio Code 926.01
(B) A licensed handler shall file with the director of agriculture a copy of every negotiable receipt issued by him for agricultural commodities of which he is the owner either solely, jointly, or in common with others. Each licensed handler issuing such a negotiable receipt shall at the same time file with the director a report containing such information as the director requests showing the liability and an inventory of the warehouse operated by him as of the date on which the receipt was issued and shall remit the fee required under division (B) of section 926.16 of the Revised Code.