Warehouse Receipt Law Handout
Warehouse Receipt Law Handout
PURPOSES
1) To regulate status , rights, and liabilities of the parties in a warehousing contract;
2) To protect those who, in good faith and for value, acquire negotiable warehouse
receipts by negotiation;
3) To render the title to, and right of possession of, property stored in warehouses more
easily convertible;
4) To facilitate the use of warehouse receipts as documents of title; and
5) In order to accomplish these, to place a much greater responsibility on the
warehouseman.
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Essential Terms
1) Location of warehouse
2) Date of issue of receipt
3) Consecutive number of receipt
4) Person to whom the goods are deliverable
5) Rate of storage charges
6) Description of goods or packages
7) Signature of warehouseman
8) Warehousemans ownership of or interest in goods
9) Statement of advances made and liabilities incurred
2.
3.
4.
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More than 1 receipt is issued for the same goods, word duplicate shall be
plainly placed upon the face of every receipt, except the first issued.
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