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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Salient amendments, after public consultation, include reduction in the registration fee of a CMC, removal of requirement for periodic accreditation, easing of documentary requirements for sponsors of a CMC, allowing electronic warehouse receipt to be traded on the exchange,.
A warehouse receipt system enables farmers to deposit storable goods (usually grains or coffee) in exchange for a warehouse receipt (WR).
The benefits of warehouse receipt system include quality control, serving as clearing house, source of supplies to processors and access to international commodity prices.
He stated: 'Agricultural Development Bank has an extensive network of branches with proximity to commodity production areas which suits our business model, and perfectly supports our warehouse receipts financing programme.
TodayaACAOs demonstration shows that we have chosen the right partners in AFEX.aACA[yen] The two-year pilot phase of the warehouse receipt system covers seven states, mostly in northern Nigeria, where agriculture is by far the largest economic sector aACAo Kano, Kaduna, Katsina, Zamfara, Kwara, Gombe and Oyo.EeEe Organizers said Nigerian farmers may now use receipts for their produce as collateral for loans.
The Bank has long-standing experience in promoting warehouse receipt financing and launched similar programmes in Bulgaria, Kazakhstan, Slovak Republic and Ukraine.
The negligence suit blitz can easily be picked-up as liquidated damages against the warehouse receipt. Affected warehouses in essence buy the receipt as a total loss extinguishing any faultfinding exercises through legal circles.
The third is warehouse receipt financing because, if you think about it, commodities are the biggest assets we have and yet most of the people who have the commodfiies, like farmers, don't have access to financing, for the simple reason that they don't have collateral.
Following a successful policy dialogue led by the EBRD with the Serbian Ministry of Agriculture alongside international donors, relevant legislation for the development of warehouse receipt based lending was adopted in 2009 and an indemnity fund was established.
Dubai Multi Commodities Centre Authority (DMCCA) announced today that its Global Multi Commodity Receipt (GMR) facilitated the financing of over AED 1.1 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.