美国仓库法.doc

United States Warehouse Act The United States Warehouse Act and its Importance to the Bank Acceptance The United States Warehouse Act is given here in full as a reference aid to the treatise on Acceptances. Since Bank Acceptances secured by warehouse receipts covering staple commodities, are one of the three eligible for rediscount, a study of the Act and the provisions which have greatly improved the financial standing of warehouse receipts, is recommended. Features of the United States Warehouse Act The new United States Warehouse Law, approved Aug. 11, 1916, provides for the issuance of licenses by the Secretary of Agriculture, for the operation of warehouses for the storage of agricultural products. The license brings the operation of the warehouse for which it is issued under an inspection service to be maintained by the Department of Agriculture, and makes it incumbent for the licensee to give a bond in a sum fixed by the Secretary of Agriculture for the faithful discharge of his obligations to the owners of commodities placed in his custody. The inspection service includes an examination of the warehouse before the license is issued, and from time to time, to determine whether it is suitable for the purpose, and the practice and competency of the warehouseman in classifying according to grade and otherwise, weighing and certification of products, etc. The bond is a guaranty of faithful observance of State as well as Federal laws governing warehouse operations. An appropriation of $50,000 is made to defray the expenses of the Department of Agriculture in connection with this service for one year. United States Warehouse Act §1. Short title. - That this Act shall be known by the short title of United States Warehouse Act. §2. Definitions of terms used in Act. - That the term warehouse as used in this Act shall be deemed to mean every building, structure, or other protected inclosure in which any agricultural product is or may be stored for interstate or foreign