2025 Session
Last amended: 2004 session
§ 336.7-201 — Person That May Issue a Warehouse Receipt; Storage Under Bond
Plain-Language Summary
A person can store goods and issue a warehouse receipt for them even if the goods are owned by the warehouse. A warehouse receipt is valid even if it was not issued to someone who actually deposited goods.
336.7-201 2004 c 162 art 4 s 43
336.7-201 PERSON THAT MAY ISSUE A WAREHOUSE RECEIPT; STORAGE UNDER BOND.
(a) A warehouse receipt may be issued by any warehouse.
(b) If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a receipt issued for the goods is deemed to be a warehouse receipt even if issued by a person that is the owner of the goods and is not a warehouse.
History:
History: History:
2004 c 162 art 4 s 7
Practical Notes
A warehouse receipt proves goods are stored at a warehouse. It is valid even in unusual situations like when the warehouse also owns the goods.