Boenvel M.

Castillo 4-ALM WAREHOUSE RECEITPS

June 23, 2011 Atty. Rios

A.)

What is a warehouse receipt? It is a document of title which is issued by a warehouseman. A warehouseman is a person lawfully engaged in the business of storing goods for profit.

B.)

What are its functions? b.1. Proof of the possession or control of the goods described. b.2. Authorizing or purporting to authorize the possession of the warehouse receipt to transfer or receive, either by endorsement or by delivery of the goods represented by such receipt What are the types of warehouse receipts? c.1. Negotiable - if deliverable to order or to bearer c.2. Non-negotiable - if deliverable to a specified person. It must be stamped, otherwise warehouseman is liable to person believing it to be negotiable.

C.)

D.)

What are the remedies of a warehouseman to enforce his lien? d.1. To refuse to deliver the goods until his lien is satisfied d.2. To sell the goods and apply the proceeds thereof to the value of the lien d.3. By other means allowed by law to a creditor against his debtor, for the collection from the depositor of all charges and advances which the depositor expressly or impliedly contracted with the warehouseman to pay d.4. Such other remedies allowed by law or enforcement of a lien against personal property.