Law on Warehouse Receipts

WAREHOUSE RECEIPTS LAW

Scope:  all warehouses, whether public or private, bonded or not

Application: applies to warehouse receipts issued by a warehouseman as defined in Sec. 58(a), while the Civil Code, to other cases where receipts are not issued by a warehouseman.

The Issue of Warehouse Receipts

Who may issue warehouse receipts?

a.            only a warehouseman, BUT a duly authorized officer or agent of a warehouseman may do so;

b.            warehouseman - a person lawfully engaged in the business of storing goods for profit;

c.            receipts not issued by a warehouseman although in the form of warehouse receipts are not warehouse receipts