Page:United States Statutes at Large Volume 114 Part 3.djvu/1044

 114 STAT. 2066 PUBLIC LAW 106-472—NOV. 9, 2000 contain such information, for each agricultural product covered by the receipt, as the Secretary may require by regulation. "(d) PROHIBITION ON ADDITIONAL RECEIPTS OR OTHER DOCU- MENTS.— "(1) RECEIPTS. —While a receipt issued under this Act is outstanding and uncanceled by the warehouse operator, an additional receipt may not be issued for the same agricultural product (or any portion of the same agricultural product) represented by the outstanding receipt, except as authorized by the Secretary. "(2) OTHER DOCUMENTS. — I f a document is transferred under this section, no duplicate document in any form may be transferred by any person with respect to the same agricultural product represented by the document, except as authorized by the Secretary. "(e) ELECTRONIC RECEIPTS AND ELECTRONIC DOCUMENTS.— Except as provided in section 3(h)(2), notwithstanding any other provision of Federal or State law: "(1) IN GENERAL.—The Secretary may promulgate regulations that authorize the issuance, recording, and transfer of electronic receipts, and the transfer of other electronic documents, in accordance with this subsection. "(2) ELECTRONIC RECEIPT OR ELECTRONIC DOCUMENT SYS- TEMS.— E lectronic receipts may be issued, recorded, and transferred, and electronic documents may be transferred, under this subsection with respect to an agricultural product under, a system or systems maintained in one or more locations and approved by the Secretary in accordance with regulations issued under this Act. "(3) TREATMENT OF HOLDER.—Any person designated as the holder of an electronic receipt or other electronic document issued or transferred under this Act shall, for the purpose of perfecting the security interest of the person under Federal or State law and for all other purposes, be considered to be in possession of the receipt or other electronic document. "(4) NONDISCRIMINATION. —An electronic receipt issued, or other electronic document transferred, in accordance with this Act shall not be denied legal effect, validity, or enforceability on the ground that the information is generated, sent, received, or stored by electronic or similar means. "(5) SECURITY INTERESTS.— If more than one security interest exists in the agricultural product that is the subject of an electronic receipt or other electronic document under this Act, the priority of the security interest shall be determined by the applicable Federal or State law. "(6) No ELECTRONIC RECEIPT REQUIRED.— A person shall not be required to issue in electronic form a receipt or document with respect to an agricultural product. "(7) OPTION FOR NON-FEDERALLY LICENSED WAREHOUSE OPERATORS. — Notwithstanding any other provision of this Act, a warehouse operator not licensed under this Act may, at the option of the warehouse operator and in accordance with regulations established by the Secretary, issue electronic receipts and transfer other electronic documents in accordance with this Act. "(8) APPLICATION TO STATE-LICENSED WAREHOUSE OPERA- TORS.—T h is subsection shall not apply to a warehouse operator

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