22.09.175 - Presumptions regarding commodities -- Approval of contracts. - Washington Statutes

Presumptions regarding commodities — Approval of contracts.

(1) A commodity deposited with a warehouseman without a written agreement for sale of the commodity to the warehouseman shall be handled and considered to be a commodity in storage.

     (2) A presumption is hereby created that in all written agreements for the sale of commodities, the intent of the parties is that title and ownership to the commodities shall pass on the date of payment therefor. This presumption may only be rebutted by a clear statement to the contrary in the agreement.

     (3) Any warehouseman or grain dealer entering into a deferred price contract with a depositor shall first have the form of the contract approved by the director. The director shall adopt rules setting forth the standards for approval of the contracts.

[1983 c 305 § 33.]

Notes: Severability -- 1983 c 305: See note following RCW 20.01.010.