Summary: H.R.5764 — 102nd Congress (1991-1992)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed House amended (08/10/1992)

Amends the United States Warehouse Act to permit all (Federal or State licensed) cotton warehouses to record specified cotton receipt information required by such Act in a central filing system or systems.

Deems such recording as establishing ownership under Federal or State law. Limits to Federal warehouses the Secretary of Agriculture's authority to make only liens recorded on the central filing system enforceable against registered owners or purchasers. Requires all (Federal or State licensed) warehouses with a central filing system to deliver stored cotton to the registered owner upon request.

States that: (1) a holder of an electronic cotton warehouse receipt shall be treated as being in possession of the warehouse receipt under Federal or State law; and (2) such provision shall apply to electronic receipts from all (Federal or State licensed) warehouses.