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WAREHOUSE RECEIPT LAW

I. Nature and Function


1. One of these statements is not correct:
a. A warehouse receipt serves as proof of possession of the
warehouseman of the goods described in it and as
authorization for the possessor of the warehouse receipt
to transfer or receive the goods described in it.
b. A non-negotiable receipt is one in which it is stated that
the goods received will be delivered to the depositor or to
any other specified person.
c. A negotiable receipt is 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 the receipt.
d. A warehouse receipt is not a document of title.
2. One of these statements is not correct:
a. When a negotiable instrument is altered, it becomes null
and void.
When a negotiable warehouse receipt is
altered, it is still valid but may be enforced only in
accordance with its original tenor.
b. A negotiable instrument which is originally payable to
bearer remains so payable even if it is indorsed specially.
A negotiable receipt deliverable to bearer if indorsed
specially becomes deliverable to order.
c. The holder in due course of a negotiable instrument may
be able to obtain a title better than that of the indorser.
An indorsee of a negotiable receipt acquires only such
title as the person who negotiated had over the goods
even if he is a holder in due course.
d. Both in a negotiable instrument and in a negotiable
receipt the indorser warrants that all prior parties had
capacity to contract.
I. Duties of Warehouseman
A. Delivery of Goods
1. One of these is not required to bind the warehouseman to
deliver the goods:
a. An offer to satisfy his lien.

b. An offer to surrender the receipt, if it is negotiable, with


indorsements necessary for its negotiation.
c. A readiness and willingness to sign upon delivery of the
goods, an acknowledgment that they have been
received, if the warehouseman requests it.
d. An undertaking to hold the warehouseman harmless from
claims of third parties.
2. A warehouseman is not justified in delivering the goods to one
of the following:
a. The person lawfully entitled to the possession of the
goods or his agent.
b. A person entitled to the delivery by the terms of the nonnegotiable receipt for goods or has written authority from
such person.
c. A person in possession of a negotiable receipt for goods
deliverable to him or his order or to bearer, which has
been indorsed to him or in blank by the person to whom
delivery was promised or by his indorsee.
d. The pledgee of the goods covered by the receipt.
3. One of these statements is not correct:
a. The general rule is that a warehouseman cannot invoke
the right or title of a third person as an excuse for not
delivering the goods covered by a receipt.
b. By way of exception, the warehouseman may withhold
delivery until he has had reasonable opportunity to
ascertain the validity of the claim of the third party or to
file an action for interpleader.
c. If the goods were lawfully sold to satisfy the lien of the
warehouseman or were lawfully sold or disposed of
because of their perishable or hazardous nature, the
warehouseman is not liable for not delivering them.
d. If the warehouse receipt was fraudulently altered, the
warehouseman will be discharged from liability to deliver
the goods.
4. One of these statements is not correct:
a. A warehouseman cannot set up title in himself as an
excuse for refusing to deliver the goods unless the title is
directly or indirectly from a transfer by the depositor or
from enforcement of his lien.

b. If a warehouseman delivers goods covered by a


warehouse receipt and does not take up and cancel it, he
will be liable to anyone who purchases the warehouse
receipt in good faith and for value.
c. If a warehouseman delivers a part of the goods for which
he issued a negotiable receipt and did not take up and
cancel the receipt or state plainly upon it what goods
were delivered, he will be liable to anyone who purchased
the receipt in good faith and for value.
d. A warehouseman is not liable to the holder of a receipt if
the goods do not correspond with the description in it.
B. Safekeeping of the Goods
1. One of these statements is not correct:
a. A warehouseman is liable for any loss or injury to the
goods caused by his failure to exercise such care as a
reasonably careful owner would exercise.
b. In the absence of a stipulation to the contrary, the
warehouseman is not liable for any loss or injury to the
goods which could not have been avoided by exercise of
such care.
c. A warehouseman is not liable for loss due to a fortuitous
event.
d. The person claiming the goods has the burden of proving
the loss was due to the fault of the warehouseman.

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