Page:United States Statutes at Large Volume 106 Part 5.djvu/502

 106 STAT. 4140 PUBLIC LAW 102-553—OCT. 28, 1992 Public Law 102-553 102d Congress An Act Oct. 28, 1992 To amend the United States Warehouse Act to provide for the use of electronic fHR 61281 cotton warehouse receipts, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. USE OF ELECTRONIC COTTON WAREHOUSE RECEIPTS. Section 17(c) of the United States Warehouse Act (7 U.S.C. 259(c)) is amended— (1) in paragraph (I)(A)— (A) by striking **The Secretary" and inserting "Notwithstanding any other provision of Federal or State law, the Secretary"; (B) by inserting after "licensed under this Act" the following: "or in any other warehouse"; and (C) by striking "under section 18" and inserting "(i) under section 18 in the case of a warehouse licensed under this Act or (ii) under any applicable State law in the case of a warehouse not licensed under this Act"; (2) ui paragraph (2)— (A) by striking "provision of law—" and inserting "provision of Federsu or State law:"; (B) in subparagraph (A)— (i) by striking "the record" and inserting "The record"; (ii) by striking "ownership" both places it appears and inserting "possessory"; (iii) by striking "of this Act" and inserting "of this Act or State law"; and (iv) by striking "; and" suid inserting a period; and (C) by striking subparagraph (B) and inserting the following new subparagraph: "(B) Any person designated as a holder of an electronic warehouse receipt authorized under this subsection and subsection (d) shall, for the purpose of perfecting the security interest of the person under Federal or State law with respect to the cotton covered by the warehouse receipt, be considered to be in possession of the warehouse receipt. If more than one security interest exist in the cotton reflected on the electronic warehouse receipt, the priority of the security interests shall be determined by the applicable Federal or State law. This subsection is applicable to electronic cotton warehouse receipts and any other security interests covering cotton stored in a cotton warehouse, regardless of whetiier the warehouse is licensed under this Act."; and (3) in paragraph (3)— (A) by striking "licensed under this Act" and inserting "covered under this subsection"; and

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