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2. Warehouse
receipts
are
not
negotiable instruments under the
Negotiable Instruments Law
Negotiable Instruments
The subject is money
The instrument itself is
the object of value
Intermediate
parties
become
secondarily
liable
NON-NEGOTIABLE
WR
May
be
acquired May
be
acquired
through negotiation
through transfer or
assignment
Rights of the person to Rights
of
the
whom it is negotiated transferee:
(holder):
1. Title of the goods, as
1. Title to the goods of
against the transferor
the person negotiating (merely steps into the
the receipt and title of shoes);
the person to whose
2. Right to notify the
order the goods were
warehouseman of the
to be delivered.
transfer and acquire
2. Direct obligation of the
the direct obligation of
warehouseman to hold the warehouseman to
possession
of
the hold the goods for
goods for him, as if the
him.
warehouseman directly
contracted with him.
Negotiation defeats the
lien of the seller of the
goods (Sec. 49)
Goods
represented Goods
represented
cannot be subject to can be subject to
attachment or levy by attachment or levy by
execution, unless in execution (Sec. 42)
proper circumstances
(Sec. 25)
LIABILITIES OF A WAREHOUSEMAN
CIVIL
CRIMINAL
For
damages
1.
suffered by reason of
failure to comply with
legal duties
2.
1.
Liability
misdelivery
a.
of
warehouseman
for
is
unauthorized
assumption and exercise of the right of
ownership over goods belonging to
another through the alteration of their
condition or the exclusion of the owners
right.
4. Liability of warehouseman as to
duplicate
Where more than 1 negotiable receipt is
issued for the same goods, the word
duplicate must be plainly placed by the
warehouseman upon the face of every
such receipt, except the one first issued
Effect of failure to place the word
Duplicate in a duplicate receipt
Failure to do so will make the
warehouseman liable for all the damages
to anyone who purchased such receipt
believing it to be an original, even if the
purchase be after the delivery of the goods
by the warehouseman to the holder of the
original receipt. (Sec 6)
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6
Criminal Offenses
1. Warehouseman, or any officer, agent or
servant of the warehouseman, issues or aids
in issuing a receipt knowing that the goods
have not actually been received or are not
under his actual control at the time of issuing
of such receipt.
LIABILITY: Imprisonment not exceeding 5 yrs
or by a fine not exceeding P10, 000.00, or by
both.
Salient Features
1. License from the Bureau of Domestic
Trade required;
2. Amount of bond 33 1/3% of the
value of the goods intended to be
stored in the warehouse;
3. Depositor given a direct recourse
against the bond filed by the
warehouseman;
4. All goods are insured against fire for
their value.
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