For purposes of this chapter, "loss" means any monetary loss over and beyond the amount protected by a warehouseman's bond sustained as a result of storing a commodity in a state-licensed warehouse including, but not limited to, any monetary loss over and beyond the amount protected by a warehouseman's bond sustained as a result of the warehouseman's bankruptcy, embezzlement, or fraud.
HISTORY: 1998 Act No. 375, Section 1, eff May 26, 1998.
Editor's Note
1998 Act No. 375, Section 6, effective May 26, 1998, provides as follows:
"This act takes effect upon approval by the Governor. The provisions of Sections 1 and 5 are remedial and apply retroactively to July 1, 1997, so as to permit reimbursement of losses suffered or incurred by depositors on and after July 1, 1997."
Structure South Carolina Code of Laws
Chapter 22 - State Warehouse System
Section 39-22-10. Authority to grant licenses; minimum standards to maintain.
Section 39-22-15. "Loss" defined.
Section 39-22-20. Applicants for license, bonding and security requirements.
Section 39-22-30. Department to promulgate regulations.
Section 39-22-40. Term "cotton" to refer to all nonperishable farm products.
Section 39-22-50. Chapter inapplicable to "linters" cotton.
Section 39-22-60. Department to accept federal standards and classifications of cotton.
Section 39-22-70. Receipt of lint cotton.
Section 39-22-90. Prohibited acts; penalties.
Section 39-22-100. State guarantee; limitations.
Section 39-22-110. Required identification tags on bales.
Section 39-22-120. Warehouse insurance requirements.
Section 39-22-130. Inspection of warehouses; inventory.
Section 39-22-140. Sums collected under this chapter must be deposited annually.
Section 39-22-160. Annual report.
Section 39-22-170. State's liability limited.