Ohio Code 926.28 – Disclosing lack of title or existence of lien or mortgage – posting notice
(A) No person shall knowingly deposit any agricultural commodity to which he does not have title or upon which there is a lien or mortgage, either for sale or for storage under a bailment agreement, without disclosing his lack of title or the existence of the lien or mortgage.
Terms Used In Ohio Code 926.28
- Agricultural commodity: means corn, soybeans, wheat, or any other agricultural crop that the director of agriculture may designate by rule. See Ohio Code 926.01
- Bailment agreement: means a bailor-bailee agreement between a depositor and a licensed handler as stated in the terms of a receipt that is issued for an agricultural commodity in storage and subject to the requirements of this chapter governing the use of a receipt. See Ohio Code 926.01
- Depositor: means :
(1) Any person who delivers an agricultural commodity to a licensed handler for storage, conditioning, shipment, or sale;
(2) Any owner or legal holder of a ticket or receipt issued for an agricultural commodity who is a creditor of the licensed handler for the value of the agricultural commodity;
(3) Any licensed handler storing an agricultural commodity that the licensed handler owns solely, jointly, or in common with others in a warehouse owned or controlled by the licensed handler or any other licensed handler. See Ohio Code 926.01
- handler: means any person who is engaged in the business of agricultural commodity handling. See Ohio Code 926.01
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Storage: means the deposit of an agricultural commodity into a warehouse either for the account of the licensed handler operating the warehouse or for the account of a depositor. See Ohio Code 926.01
(B) Each licensed handler shall post in a conspicuous place in his office a copy of division (A) of this section together with the penalty imposed on the depositor for failure to comply with the requirement for disclosure. The notice shall be in large type that is easily readable for depositors in the conduct of business with the licensed handler.