Warehouse Receipt

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Warehouse Receipt

A written document given by a warehouseman for items received for storage in his or her warehouse, which serves as evidence of title to the stored goods.

A number of warehouse receipts are negotiable instruments, and the law governing such receipts is embodied in Article 7 of the Uniform Commercial Code.

The general rule is that warehouse receipts need not be in any particular form. They must, however, contain the following information: the location of the warehouse and the place where the goods are stored; the date when the receipt was issued; the consecutive number of the receipts; terms indicating whether the goods are to be delivered to the bearer of the receipt, to a particular individual, or to a particular individual on his or her order; the storage rate or handling charges; a statement describing the goods or the manner in which they are packed; the signature of the warehouseman or his or her agent; the amount of advance payment made, if any; and any other terms that do not impair the warehouseman's duty.

In situations where a warehouse receipt does not contain these provisions, the warehouseman can be held liable in damages to anyone who sustains financial injury because of the omission.

References in periodicals archive ?
The implementation of the warehouse receipt programme in just one year after the passing of necessary legislation follows prompt measures undertaken by the Ministry of Agriculture.
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A merchant who sold his warehouse receipt or deliberately let it lapse clearly did recognize the difference.
ii) Increased Access to Credit: The exchange will facilitate the standardization of warehouse receipts, increasing its use and acceptability as collateral for loans.
After much planning and groundwork, the council established the breakthrough warehouse receipt system under which farmers can store grain and use it as collateral for loans based on its market value.
In place of the warehouse receipts there are Toronto Stock Exchange Index Participations (TIPs).
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The CWC is also exploring several new avenues in the fields of warehouse receipt financing and warehousing and logistics consultancy.
The system supports several types of WebMoney purses depending on the currency in which they are replenished: dollars, euros, rubles, Ukrainian hryvnia, Belarusian rubles, and warehouse receipt of the exchange gold certified storage.
KAMPALA -- The Warehouse Receipt System, meant to create market and credit opportunities for agricultural products, is gaining popularity among farmers.
BoK and GIBL have introduced Bank of Kathmandu s Sakchyam Sana Kisan Ukhu Karja Invoice Discounting and GIBL Sakchyam Post-Harvest Financing Against Warehouse Receipt , in that order.
The preparation of a standard form storage and handling agreement and warehouse receipt