WAREHOUSE RECEIPTS

CHAPTER 48:11
WAREHOUSE RECEIPTS

ARRANGEMENT OF SECTIONS

    SECTION

PART I
PRELIMINARY

    1.    Short title

    2.    Interpretation

    3.    Application

PART II
ISSUANCE 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 III
RIGHTS 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 IV
NEGOTIATION 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 V
PERFECTION 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 VI
MISCELLANEOUS

    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 2018
G.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 I
PRELIMINARY

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…