The Warehouse Receipts Law (Act No. 2137)

A collection of vocabulary flashcards covering key definitions and entities defined under the Warehouse Receipts Law (Act No. 2137) and related statutes.

Warehouse Receipt

A written acknowledgement by a warehouseman that he has received and holds certain goods therein described in store for the person to whom it is issued.

Warehouseman / Bailee

A person (natural or juridical) lawfully engaged in the business of storing goods for profit.

Document of Title to Goods

Any document used in the ordinary course of business, in the sale/transfer of goods, as proof of possession or control of the goods, or authorizing or purporting to authorize the possessor of the document to transfer or receive either by indorsement or by delivery, goods represented by such document.

Bill of Lading

A written acknowledgement of the receipt of goods and an agreement to transport and to deliver them at a specified place to a person named therein or on his order.

On Board Bill of Lading

A document issued when the goods have been actually placed aboard the ship with very reasonable expectation that the shipment is as good as on its way.

Port Bill of Lading

A document issued by the carrier to whom the goods have been delivered and the vessel indicated in the bill of lading by which the goods are to be shipped is already in the port where the goods are held for shipment.

Quedan

A warehouse receipt that covers sugar.

Dock Warrant

A warrant given by dock owners to the owner of merchandise imported and warehoused on the dock, upon the faith of the bills of lading, as a recognition of his title to the goods.

Negotiable Warehouse Receipt

A receipt in which it is stated that the goods received will be delivered either to the bearer or to the order of any person named in such receipt.

Non-Negotiable Warehouse Receipt

A receipt in which it is stated that the goods received will be delivered to the depositor or to any specified person.

Warehouseman’s Lien

A claim against goods deposited for all lawful charges for storage, preservation, money advanced, interest, insurance, transportation, labor, weighing, and other expenses in relation to such goods.

Interpleader

A legal recourse for a warehouseman when there are conflicting claims of ownership, allowing them to prove their claims or for the bailee to set up the defense of adverse claims.

General Bonded Warehouse Law Bond

A required bond for licensed warehousemen equivalent to $33 \frac{1}{2}\%$ of the market value of the maximum quantity of goods to be received for the protection of depositors.

Action

In the context of the Warehouse Receipts Law, this includes counterclaims and set-offs.

Fungible goods

Goods of which any unit is, from its nature or by mercantile custom, treated as the equivalent of any other unit.

Goods

Includes all chattels personal other than things in action and money.

Holder (Negotiable Receipt)

A person who has possession of the negotiable receipt and a right of property therein.

Holder (Non-Negotiable Receipt)

A person named in the receipt as the person to whom the goods are to be delivered or his transferee.

Purchase

To take as a mortgagee or as a pledgee.

Purchaser

Includes a mortgagee and a pledgee.

Duplicate Receipt

A subsequent receipt issued for the same goods that must be plainly marked with the word "duplicate" on its face to avoid liability for damages.