WAREHOUSE RECEIPTS
CHAPTER 48:11WAREHOUSE RECEIPTS ARRANGEMENT OF SECTIONS SECTION PART IPRELIMINARY 1. Short title 2. Interpretation 3. Application PART IIISSUANCE AND FORM OF WAREHOUSE RECEIPTS 4. Issuance of warehouse receipt 5. Format of warehouse receipt 6. Form of a warehouse receipt 7. Control of an electronic warehouse receipt 8. Reissuance of warehouse receipt in alternative medium 9. Negotiable warehouse receipt 10. Non-negotiable warehouse receipt 11. Alteration of warehouse receipt 12. Right of purchaser of altered warehouse receipt 13. Liability for non-receipt or misdescription of goods covered by warehouse receipt 14. Duplicate warehouse receipt and over-issue PART IIIRIGHTS AND OBLIGATIONS OF WAREHOUSE OPERATORS 15. Duty of care of a warehouse operator 16. Limitation of a warehouse operator’s liability 17. Storage of goods 18. Buyer of fungible goods 19. Termination of storage at warehouse operator’s option 20. Lien of a warehouse operator 21. Enforcement of a warehouse operator’s lien 22. Effect of irregularities in issuance of a warehouse receipt 23. Obligations of a warehouse operator to deliver goods 24. No liability for good faith delivery pursuant to warehouse receipt PART IVNEGOTIATION AND TRANSFER OF WAREHOUSE RECEIPTS 25. Form of negotiation and requirements for due negotiation 26. Negotiation of an electronic warehouse receipt 27. Effect of endorsement of a non-negotiable warehouse receipt 28. Rights acquired by due negotiation 29. Warehouse receipt defeated in certain cases 30. Rights acquired in absence of due negotiation 31. Transfer of warehouse 32. Endorser not guarantor for other parties 33. Warranties on negotiation or delivery of warehouse receipt 34. Warranties of collecting bank as to warehouse receipt PART VPERFECTION AND PRIORITY OF SECURITY INTERESTS IN WAREHOUSE RECEIPTS AND GOODS COVERED BY WAREHOUSE RECEIPTS 35. Perfection and priority of security interests in warehouse receipts and goods 36. Perfection security interest in negotiable paper warehouse receipt 37. Perfection and priority of security interests in goods covered by non-negotiable paper warehouse receipt 38. Perfection and priority of security interests in electronic warehouse receipt 39. Priority rights of purchasers PART VIMISCELLANEOUS 40. Lost, stolen or destroyed documents 41. Judicial process against goods covered by negotiable warehouse receipt 42. Conflicting claims 43. Savings 44. Regulations 3 of 2018G.N. 67/2019 An Act to provide for warehouse receipts and warehousing; the negotiation and transfer of warehouse receipts and for matters connected thereto PART IPRELIMINARY 1. Short title This Act may be cited as the Warehouse Receipts Act. 2. Interpretation In this Act, unless the context otherwise requires— “bailee” means a person that, by a warehouse receipt, acknowledges possession of goods and contracts to deliver those goods; “bearer” means a person in possession of a negotiable warehouse receipt that is payable to bearer or endorsed in blank; “buyer in ordinary course of business” means a person that buys goods in good faith, without knowledge that the sale violates the rights of another person to the goods, in the ordinary course, from a person in the business of selling those goods but does not include a person that acquires goods in a transfer in bulk or as security for, or in total or partial satisfaction of a money debt; “delivery order” means a record that contains an order to deliver goods directed to a warehouse; “field warehouse” means a storage facility occupied and operated as a warehouse on a temporary basis for the purpose of possessing and controlling deposited goods and issuing warehouse receipts on behalf of a buyer, seller or financier of the goods; “fungible goods” means— (a) goods of which any unit, by nature or usage of trade, is the equivalent of any other like unit; or (b) goods that by agreement are treated as equivalent; “goods” means all things that are treated as movable or personal property for the purposes of a contract for storage or transportation; “good faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing; “holder” means any person in possession of a warehouse receipt which makes goods deliverable either to bearer or to the order of the person in possession; “issuer” means a bailee that issues a warehouse receipt or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver and includes a person for whom an agent or employee purports to act in issuing a document, if the agent or employee has real or apparent authority to issue documents, even where— (a) the issuer did not receive any goods; (b) the goods were misdescribed; or (c) in any other respect the agent or employee violated the issuer’s instructions; “perfected security interest” has the meaning ascribed to the term under the Personal Property Security Act; “person entitled under a warehouse receipt” means a holder, in the case of a negotiable warehouse receipt, or the person to which delivery of the goods is to be made by the terms of,…