(a) Every receipt issued for grain stored in a public grain warehouse shall conform to the requirements of ยง 4-7-202 and in addition shall embody within its written or printed terms:
(1) A statement that the holder of the receipt or the depositor of the grain shall demand the delivery of the grain on or before a date not later than one (1) year from the date specified by the public grain warehouseman;
(2) The net weight, number of bushels, and the percentage of dockage;
(3) The words "NOT NEGOTIABLE", or "NEGOTIABLE", according to the nature of the receipt, clearly and conspicuously printed or stamped thereon; and
(4) That the holder of the receipt or the depositor of the grain shall demand the delivery of the grain not later than the expiration of one (1) year from the date of the receipt.
(b) (1) Every receipt, whether negotiable or nonnegotiable, issued for grain stored in a warehouse shall specify a period, not exceeding one (1) year, for which the grain is accepted for storage under this subchapter.
(2) The warehouseman shall, in the absence of some lawful excuse, issue a new receipt for a further specified period not to exceed one (1) year, provided that the following conditions are met:
(A) Demand for issuance of a new receipt;
(B) Surrender of the old receipt by the lawful holder at or before the expiration of the period specified therein; and
(C) An offer to satisfy the warehouseman's lien.
(c) Every negotiable receipt issued shall, in addition to conforming with the requirements of subsection (a) of this section, embody within its written or printed terms a form of endorsement which may be used by the depositor or his or her authorized agent for showing the ownership of, and liens, mortgages, or other encumbrances on, the grain covered by the receipt.
(d) A public grain warehouseman shall not insert any language in any warehouse receipt or make any contract with respect to any warehouse receipt which purports to limit the liabilities or responsibilities imposed on him or her by law.
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