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Warehouse Receipt

From lawbrain.com

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.

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