106 STAT. 4140 PUBLIC LAW 102-553—OCT. 28, 1992

Public Law 102-553
102d Congress

Oct 28 1992 To amend the United States Warehouse Act to provide for the use of electronic

[HR 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 (1XA)—

(A) by striking "The Secretary*' and inserting "Notwith-
standing 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) in paragraph (2)—

(A) by striking "provision of law—" and inserting
"provision of Federal 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" and 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 authonzed under this subsection and sub-
section (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 elec-
tronic 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 whether 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