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    7 views6 pages

    Warehouse Receipt Law CEVA

    Uploaded by

    AmberChan
    case

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
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    THE WAREHOUSE RECEIPTS LAW, “(ACTINO_ 2137, AS AMENDED)" PURPOSE OF THE WRL ‘2 To prescribe the rights and duties ofa warehouseman, To regulate the relationship between a warehouseran and. the depositor ef goods, or the holder of a warehouse receipts for he goods, or atner persons; © Te render tile to, and right of possession of property stored in warehouse more easly converibe: 2 To protect those wha, in good faith and for value, oquie negatable warehouse receipts bp negation. WAREHOUSE RECEIPT 1. Its a ween acknowledgement by a warehouseman that he has recehved and holds cerisin goods therein described in ste forthe person to whom itis issued. (Talongian Bros. & Sons vs. CA G.R. Wo, L-1 10581, ‘Sept 21, 1908) 2. itis a simple writen contract between the ower of the {goods and the warehouseman to pay the compensation for that service 3. Ile a Bisterat contact. t imports that goods are nthe hands of a warshouseman and i 2 eymbcheat representation ofthe property tse Warehouseman | Ballee “A person (natural or jusiical) lawfully engaged in the business of storing goods for oft. WHO MAY ISSUE WAREHOUSE RECEIPTS Only a warehouseman may issue warehouse recoips to put fs0id warehouse receipts within the purvior ofthe WRL. FORM OF RECEIPTS; ESSENTIAL TERMS 1. The locaton of the warehouse where the goods are sored: ‘The date of esue ofthe recs Consecutive number of he receipt ‘A statement whether the goods received wil be Gelvered to the bearer, to 2 specifed person, of toa specfied person or his order, The rate of storage charges ‘A description ofthe goods or ofthe package containing thar 7. The signature of the warehouseman which may be ‘made by is authorized agent: 8 Hf the receipt ie eaued for goods of which the warehouseman is owner, either soley oF jority or Common wih cers, te fact of such omershio; 9. Astatement of the amount of advances made and of Fabities cured for which the warshouseman claims a len. Ifthe precise amount for uch advances made fr of such fables inured i, at the same me ofthe issue of the receipt unknown io the warehouseman or his agent who issues i, @ statement of the fact that Sdvances haveeen made or labs neured and the purpose thereat is suffient Aer ee EFFECT OF OMISSION OF THE ESSENTIAL CONTENTS 1. A warehouseman shall be lable to any person inured thereby all damages caused by the omssion fom a gota receipt of any of the terms herein equed, 2 Valdiy of recat not affected: 3 Negotabity ofreceipt not affected. TERMS THAT CANNOT BE INCLUDED IN THE WAREHOUSE RECEIPT 4. Those contrary to any provision ofthe law 2 In any wise impair the warchousemaris obligation to fexerace that degree of care in the safekesping of the ‘goods entrusted to him which a reasonably earefel man (would exerice wth regard to sen goods of his own Prepared By: CEVA Document of Tile to Goods ~ Any document used in the corcnary course of business, inthe salefranster of goods, as proof of possession of contol ofthe goods or uorizing or ‘purporing to authorize the possessor of the document to ttansier or recelve ether by indorsement or by_delvery (goods represented by such dacumert (Art. 1636,NCC) ‘COMMON TYPES OF DOCUMENT OF TITLE 1 Bill of Laging - writen acknowledgement ofthe receipt of goods and an agreement to wanspert and to deer them ata spectied place i a person namad therein or on his onder. 2 On Board Bill of Lacing - issued when. the goods have been actually placed aboard the shp with very reasonable expectation thatthe shipment is as good 8 on is way. b. Port Bill of Lading — icsued by the carter to whom the goods have been Gelvered and he vessel indiated in the bil of lading by which the goods are to be shipped is already in the port where the goods are held for shipment 2 Quedan — warehouse receipt that covers sugar 3. Dock Warrant — warrant gen by dock owners to the Cwner of merchandise imported and warehoused on the Sock spon the farh of she bile of ladng esa recognition of his ite tothe goods. FUNCTIONS OF DOCUMENTS OF TITLE 1. Evidence of receipt of goods: 2 Represenis ‘the goods and therefore operates as, ‘raneferable document that cartes with f the contol cover the goods It is used to pass ile othe goods: 3. ftlsacontact MEANING OF NEGOTIABLE UNDER THE ACT 1k indicates that in the passage of warehouse receipts through the channels of commerce, the law regards the property which they describe as folowing them and gives to ‘hei regular tansfer by indarsement the effect of manual delvery ofthe things specifed in ther. [Negotiable Warehouse Receipts - A negotiable warehouse receipt is one in which itis stated hat the goods recived vill, be delivered ether 3 Tothe bearer, or 2. To the order ofany person namedin such receipt (Sec SWRL) \Non-Negotiable Warehouse Receipts - A non-negotiable warehouse receipts ene in which itis stated that the goods. received wil be delivered to the depostor ort any apsctfed person. DUPLICATE RECEIPTS MUST BE MARKED ‘© When mote than one is issued for the same goods, the word “dupiests" shall be pany placed upon the face of very such receipt, except the fret one lasted, ‘© A.warehouseman shal be held fable for damages for failure to do soto anyone who purchased the subsequent receipt for valve supposing tio be orginal, leven though the purchaser be after the delivery ofthe NEGOTIATION OF WAREHOUSE RECEIPTS A By Delvery 1. Where by the terms of the receipt, the ‘arehauseman undertakes to delver the: ‘Goods to the bearer, or 2. Where by the terms of the receipt the ‘arehouseman undertakes 10 delver the ‘Dood to the order of a speciied person, and such person oF @ subsequent indorsee of the receit has indorsed it in Blank or bearer. The bearer document is not always a bearer document ‘A special ndorsement has the efect of converting the bearer ineumentinio an ard instrument BL By Indersement Coupled with Delvery 1. Ifthe reewipt states that the goods are to be elivered 10 the order of @ person named therein 2. Effect when indorsementis necessary but the negotiable receipt was only delivered: 8. The transferee acquires tie against the transferor b.There is! no direct obligation of the vwarehouseman to eeliver the goods "2 {uch holder ofthe recent The transferee ean compel the transferor to complete the negotiation by indorsing the instument | (Sec43, WRL)The ‘negotiation takes effec on the date ofthe ‘dorsement only. EFFECT OF NEGOTIATION OF WAREHOUSE RECEIPT Negotiation of the document has the effect of manuel every 50 28 to constaute the vansferee the owner of the goods. RIGHTS OF A PERSON TO WHOM A RECEIPT HAS BEEN NEGOTIATED: ‘Lin case of receict negotiable by delivery, such ttle 10 the goods as the person negotiating the receipt fo Fie had or had ably 0 convey fo purchaser good fath for vale, 2. Incase of receipt negotiable by indoreement coupled by delivery, such tile to the goods as the depositor or person to whose order the goods were to be delivered By the terme of the receipt hs or had abity to concey 12 purchaser in good fat for val: 2. The direct obligation of the warehouseman to hold ‘possession ofthe goads for him according tothe tems Of the recebt as tly 25 if the warshouseman had Contracted drecty with hi. (Sec-41, WRL) RIGHTS OF A PERSON TO WHOM A RECEIPT HAS BEEN TRANSFER! 1. The te to the goods as against the transieror wih respect 10 2 negotiable warchouse recelpt not duly ‘Regotiated (merely steps into the shoes) 2 The tight thereafter, to acquire the obligation of the warehouserran to hold the goods fr him: and 2. If the receipt is: non-negotiable, such person acquires the right to notify the warehouseman of the transfer thereat (See. 42, WRL) Prot to the notfeation of the warehouseman by the transferor or transferee of a non-negotiable recnip the tle of the wansieree to the goods and the right to acquire the

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