Special Commercial Law, Part II - Warehouse Receipts Law

II. Warehouse Receipts Law (Act No. 2137)

A. Nature and functions of a warehouse receipt

·       Definition and nature of Warehouse Receipts

·       Purpose of the Law

·       Who may issue Warehouse Receipts

·       Form and content of Warehouse Receipts

·       Effect of omission of any of the essential terms

·       Terms that cannot be included

1. To whom delivered

2. Kinds

3. Distinctions between a negotiable instrument and a negotiable warehouse receipt

4. Rights of a holder of a negotiable warehouse receipt as against a transferee of a nonnegotiable warehouse receipt

B. Duties of a warehouseman

·       Who is a warehouseman

·       Principal obligations of a warehouseman

·       Lawful excuses to deliver goods

·       In case of misdelivery

·       Altered receipts

·       Liability of warehouseman

C. Warehouseman’s lien

·       Extent

·       Loss and waiver of lien

·       Enforcement

Other topics:

D.  Negotiation and transfer of receipts

E.  Criminal offenses