Warehouse Receipt


Also found in: Financial, Acronyms.

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 ?
Third, and importantly, the collateralised product contracts or warehouse receipts de-risk bank loans to smallholder farmers.
Keywords: warehouse receipt system; rice farmer characteristics; correspondency analysis; diffusion of innovation
In place of the warehouse receipts there are Toronto Stock Exchange Index Participations (TIPs).
However, warehouses may limit their liability by a conspicuous term in the warehouse receipt or storage agreement with customers.
The implementation of warehouse receipt system in Serbia is currently ongoing, with continuous support from the EBRD.
1 billion during 2009, covering petroleum products, iron and steel and soft commodities including rice and tea, The DMCCA-operated electronic warehouse receipt system also added enhanced features to cover the pledge of commodities held in vessels within UAE territorial waters in favour of the financier, further expanding the appeal of the GMR.
This award for innovative structured financing solutions was received for two inventory financing deals that were secured utilising the Dubai Commodity Receipt (DCR), DMCCCOs electronic warehouse receipt system.
DMCC said earlier it was extending its Dubai Commodity Receipt, an electronic warehouse receipt model, to Singapore, Malaysia and South Korea.
The combined companies plan to streamline their logistics process so that a single customer order can be placed for both Perrigo and ClayPark products, leading to a single invoice and warehouse receipt.
Title of contractually identified goods, therefore, passes from seller to buyer at a time and place specifically agreed upon by both parties, at the time of physical delivery of the goods at shipment or destination, at the time of physical delivery of the documents of title (normally a warehouse receipt or bill of lading), or at time of contracting.
The names banknote and check are quite distinguishable from the names warehouse receipt or money certificate.