PART I. THE ISSUE OF WAREHOUSE RECEIPTS. 5002. [Sec. 1.] Persons Who May Issue Receipts-Warehouse receipts may be issued by any warehouseman. 5003. [Sec. 2.] Form of Receipts-Essential Terms— Warehouse receipts need not be in any particular form, but every such receipt must embody within its written or printed terms(a.) The location of the warehouse where the goods are stored; (b.) The date of issue of the receipt; (c.) (d.) The consecutive number of the receipt; A statement whether the goods received will be delivered to the bearer, to a specified person, or to a specified person or his order; (e.) The rate of storage charges; (f.) A description of the goods or of the packages containing them; (g.) The signature of the warehouseman, which may be made by his authorized agent; (h.) If the receipt is issued for goods of which the warehouseman is owner, either solely or jointly or in common with others, the fact of such ownership; and (i.) A statement of the amount of advances made and of liabilities incurred for which the warehouseman claims a lien. If the precise amount of such advances made or of such liabilities incurred is, at the time of the issue of the receipt, unknown to the warehouseman or to his agent who issues it, a statement of the fact that advances have been made or liabilities incurred and the purpose thereof is sufficient. A warehouseman shall be liable to any person injured thereby for all damages caused by the omission from a negotiable receipt of any of the terms herein required. 5004. [Sec. 3.] Form of Receipts-What Terms May Be Inserted-A warehouseman may insert in a receipt issued by him any other terms and conditions, provided that such terms and conditions shall not (a.) Be contrary to the provisions of this Act; (b.) In any wise impair his obligation to exercise that degree of care in the safe-keeping of the goods entrusted to him which a reasonably careful man would exercise in regard to similar goods of his own. 5005. [Sec. 4.] Definition of Non-Negotiable Receipts— A receipt in which it is stated that the goods received will be delivered to the depositor or to any other specified person, is a non-negotiable receipt. 5006. [Sec. 5.] Definition of Negotiable Receipt-A receipt in which it is stated that the goods received will be delivered to the bearer, or to the order of any person named in such receipt, is a negotiable receipt. No provision shall be inserted in a negotiable receipt that it is non-negotiable. Such provision, if inserted, shall be void. 5007. [Sec. 6.] Duplicate Receipts Must Be So MarkedWhen more than one negotiable receipt is issued for the same goods, the word "duplicate" shall be plainly placed upon the face of every such receipt, except the one first issued. A warehouseman shall be liable for all damage caused by his failure so to do to anyone who purchased the subsequent receipt for value, supposing it to be an original, even though the purchase be after the delivery of the goods by the warehouseman to the holder of the original receipt. 5008. [Sec. 7.] Failure to Mark "Not Negotiable”—A non-negotiable receipt shall have plainly placed upon its face by the warehouseman issuing it "non-negotiable" or "not negotiable." In case of the warehouseman's failure so to do, a holder of the receipt who purchased it for value supposing it to be negotiable, may, at his option, treat such receipt as imposing upon the warehouseman the same liabilities he would have incurred had the receipt been negotiable. This section shall not apply, however, to letters, memoranda, or written acknowledgments of an informal character. PART II. OBLIGATIONS AND RIGHTS OF WAREHOUSEMEN UPON THEIR RECEIPTS. 5009. [Sec. 8.] Obligation of Warehouseman to Deliver-A warehouseman, in the absence of some lawful excuse provided by this Act, is bound to deliver the goods upon a demand made either by the holder of a receipt for the goods or by the depositor, if such demand is accompanied with (a.) An offer to satisfy the warehouseman's lien; (b) An offer to surrender the receipt if negotiable, with such indorsement as would be necessary for the negotiation of the receipt; and (c.) A readiness and willingness to sign, when the goods are delivered, an acknowledgment that they have been delivered, if such signature is requested by the warehouseman. In case the warehouseman refuses or fails to deliver the goods in compliance with a demand by the holder or depositor so accompanied, the burden shall be upon the warehouseman to establish the existence of a lawful excuse for such refusal. 5010. [Sec. 9.] Justification of Warehouseman in Delivering-A warehouseman is justified in delivering the goods, subject to the provisions of the three following sections, to one who is (a.) The person lawfully entitled to the possession of the goods, or his agent; (b.) A person who is either himself entitled to delivery by the terms of a non-negotiable receipt issued for the goods, or who has written authority from the person so entitled either indorsed upon the receipt or written upon another paper; or (c.) A person in possession of a negotiable receipt by the terms of which the goods are deliverable to him or order or to bearer, or which has been indorsed to him or in blank by the person to whom delivery was promised by the terms of the receipt or by his mediate or immediate indorsee. 5011. [Sec. 10.] Warehouseman's Liability for Misdelivery-Where a warehouseman delivers the goods to one who is not in fact lawfully entitled to the possession of them, the warehouseman shall be liable as for conversion to all having a right of property or possession in the goods if he delivered the goods otherwise than as authorized by sub-divisions (b) and (c) of the preceding section, and though he delivered the goods as authorized by said sub-divisions he shall be so liable, if prior to such delivery he had either (a.) Been requested, by or on behalf of the person lawfully entitled to a right of property or possession in the goods, not to make such delivery; or (b.) Had information that the delivery about to be made was to one not lawfully entitled to the possession of the goods. 5012. [Sec. 11.] Negotiable Receipts Must Be Cancelled When Goods Delivered-Except as provided in Section 36, where a warehouseman delivers goods for which he had issued a negotiable receipt, the negotiation of which would transfer the right to the possession of the goods, and fails to take up and cancel the receipt, he shall be liable to anyone who purchases for value in good faith such receipt for failure to deliver the goods to him, whether such purchaser acquired title to the receipt before or after the delivery of the goods by the warehouseman. 5013. [Sec. 12.] Negotiable Receipts Must Be Cancelled or Marked When Part of Goods Delivered-Except as provided in Section 36, where a warehouseman delivers part of the goods for which he had issued a negotiable receipt and fails either to take up and cancel such receipt or to place plainly upon it a statement of what goods or packages have been delivered he shall be liable to anyone who purchases for value in good faith such receipt, for failure to deliver all the goods specified in the receipt, whether such purchaser acquired title to the receipt before or after the delivery of any portion of the goods by the warehouse man. 5014. [Sec. 13.] [Sec. 13.] Altered Receipts-The alteration of a receipt shall not excuse the warehouseman who issued it from any liability if such alteration was— (a.) Immaterial. (b.) Authorized, or Made without fraudulent intent. If the alteration was authorized, the warehouseman shall be liable according to the terms of the receipt as altered. If the alteration was unauthorized, but made without fraudulent intent, the warehouseman shall be liable according to the terms of the receipt as they were before alteration. Material and fraudulent alteration of a receipt shall not excuse the warehouseman who issued it from liability to deliver, according to the terms of the receipt as originally issued, the goods for which it was issued, but shall excuse him from any other liability to the person who made the alteration and to any person who took with notice of the alteration. Any purchaser of the re ceipt for value without notice of the alteration shall acquire the same rights against the warehouseman which such purchaser would have acquired if the receipt had not been altered at the time of the purchase. 5015. [Sec. 14.] Lost or Destroyed Receipts-Where a negotiable receipt has been lost or destroyed, a court of competent jurisdiction may order the delivery of the goods upon satisfactory proof of such loss or destruction and upon the giving of a bond with sufficient sureties, to be approved by the court, to protect the warehouseman from any liability or expense, which he or any person injured by such delivery may incur by reason of the original receipt remaining outstanding. The court may also in its discretion order the payment of the warehouseman's reasonable cost and counsel fees. The delivery of the goods upon an order of the court as provided in this section shall not relieve the warehouseman from liability to a person to whom the negotiable receipt has been or shall be negotiated for value without notice of the proceedings or of the delivery of the goods. 5016. [Sec. 15.] Effect of Duplicate Receipts—A receipt upon the face of which the word "duplicate" is plainly placed is a representation and warranty by the warehouseman that such receipt is an accurate copy of an original receipt properly issued and uncancelled at the date of the issue of the duplicate, but shall impose upon him no other liability. 5017. [Sec. 16.] Warehouseman Cannot Set Up Title in Himself No title or right to the possession of the goods, on the part of the warehouseman, unless such title or right is derived directly or indirectly from a transfer made by the depositor at the time of or subsequent to the deposit for storage, or from the warehouseman's lien, shall excuse the warehouseman from liability for refusing to deliver the goods according to the terms of the receipt. 5018. [Sec. 17.] Interpleader of Adverse Claimants—If more than one person claim the title or possession of the goods, the warehouseman may, either as a defense to an action brought against him for non-delivery of the goods, or as an original suit, whichever is appropriate, require all known claimants to interplead. |