Form and Contents of Warehouse Receipt

What is the Form and Content of a warehouse receipt?

Warehouse receipts need not be in particular form, but certain essential terms must be present:

1.    Location of warehouse -because the warehouseman may have other warehouses

2.    Date of issue and receipt - indicates prima facie the date when the contract of deposit is perfected and when the storage charges shall begin

3.    Consecutive number of receipt - to identify each receipt with the goods for which it was issued

4.    Person to whom goods are deliverable - determines the person or persons who shall prima facie be entitled lawfully to the possession of the goods deposited

5.    Rate of storage charges - consideration for the contract from the view of the warehouseman

6.    Description of goods or packages - for identification

7.    Signature of warehouseman - best evidence of the fact that the warehouseman has received the goods and has bound himself to assume all obligations in connection therewith

8.    Warehouseman’s ownership of or interest in the goods - purpose is to prevent abuses in the past when warehouseman issued receipt on their goods

9.    Statement of advances made and liabilities incurred (if present) - purpose is to preserve the lien of the warehouseman over the goods stores or the proceeds thereof in his hands

NOTE:  Effect of omission of any of the essential terms:

a.    validity and negotiability of receipt is NOT affected

b.    warehouseman will be liable for damages

c.    the contract will be converted to an ordinary deposit

What terms may be inserted in a warehouse receipt?  ANY other terms or condition

EXCEPT:

a.    those contrary to this Act (e.g. exemption from liability for misdelivery in Sec. 10, not giving statutory notice in case of sale of goods in Sec. 33 and 34)

b.    an exemption from liability and negligence

c.    those contrary to law, morals, good customs, public order or public policy