Warehouse receipt

“ A warehouseman shall not be relieved of liability for damages from any loss of or injury to the goods bailed unless he proves that neither he nor any of his employees has neglected care in connection with the custody thereof.
Article 161 (Right of Examination of Goods Bailed, Taking away Samples and Disposition for Preservation)
A bailor or the holder of a warehouse receipt may, at any time during business hours, demand of the warehouseman that he be allowed to examine the goods bailed, to take away samples thereof, or to take any measures necessary for the preservation thereof. ”

“ It would need stronger evidence than this act affords to justify the conclusion that Congress intended that warehousemen, in taking advantage of the federal statute and in issuing warehouse receipts as required by its terms, should submit to federal control the deposit of products and the issue of warehouse receipts in the course of their local business where the products were not stored for interstate or foreign commerce. ”

“ Banks and others may advance monies on Bills of lading, specifications, warehouse receipts &c. May sell the goods in case of non-payment of monies so advanced. 8. Period of holding the same in pledge limited. Notice of sale to be given. 9. Case of the warehouseman &c., being also the owner of the goods provided for. Penalty for wilful false Statement in the receipt, &c. 10. Advances on such security to give a prior lien. 11. Advance on receipts of Cove-keepers, &c., for timber. Effect of the transfer of such receipt, &c. Power to sell in case of non-payment of advances. ”

“ Received in store, from James B. Grant, 150 tierces lard, prime steam lard, weighing this day fifty thousand two hundred and fifty pounds net, (50,250 lbs. net,) which are subject to his order upon the return of this warehouse receipt. ”

“ Appellants' warehouses, while nominally open to the general public as railroad freight stations, are not in fact public stations, but are confined to the warehousing of merchandise for their patrons. The services which they perform in connection with loading and unloading of freight, including the sending of arrival notices to their patrons after receipt of notice of arrival from the railroad, the collection of freight charges, and other incidental matters, are in fact performed for the owners of the merchandise rather than for the railroads. ”

“ The Board's regulations relating to warehousing of grain set forth the procedure and standards by which warehouses may be made 'regular.' [3]
It is apparent that the federal scheme of regulation of futures trading extends to the whole futures contract-to its satisfaction, as well as to its execution. It is also apparent that the Act provides some control over (1) warehouse receipts which are acceptable in satisfaction of sales and purchases on the contract market, and (2) the qualifications of the warehouses whose receipts will be accepted for such deliveries. ”

“ All of petitioner's sales are made exclusively at the retail stores and no deliveries to customers are made from the warehouse.
Employees in the central office, which is located in the same building as the warehouse, perform the usual functions of checking invoices, paying bills, making out payrolls, keeping inventory records, checking store deliveries and the like. The various employees in the warehouse and the truck drivers handle the physical work connected with the receipt, storage and shipment of merchandise. ”

“ If Flanders desired to remove any part of the leather, he paid the necessary sum to the trust company, was intrusted with the receipts, got the warehouse company to send a man to unlock the place of enclosure and allow the removal, indorsing on the receipt the amount delivered, if less than all, and then, as the case might be, returned the receipt to the trust company or surrendered it into the warehousing company's hands. ”

“ A copy of this instrument was served upon the bank, and it was notified to retain possession of the warehouse receipts pledged with it as collateral security for its claim against the pledgeor, and after it was duly paid, the balance of the receipts were to be turned over to the second pledgee. The transaction was sustained, the court remarking: 'Delivery of the property pledged is generally essential to a valid pledge, and it is equally true that to make a valid sale or transfer of any species or article of personal property, a delivery of the property sold or transferred is necessary. ”

“ Trading in differences of price and “wash sales” are strictly prohibited under penalty of expulsion. All contracts of sale call for delivery, and unless balanced and canceled by equivalent contracts of purchase, must be finally settled by a delivery of the merchandise against cash payment of its value as specified in the terms of the contract; but the actual delivery may be waived by the consent of both parties. Possession is for the most part transferred from the seller to the purchaser by warehouse receipts entitling the holder to the ownership of the goods described. ”

“ If the officer or employee making any such inspection of a factory, warehouse or other establishment has obtained any sample in the course of the inspection, upon completion of the inspection and prior to leaving the premises he shall give to the owner, operator, or agent in charge a receipt describing the samples obtained. ”

“ That the defendant kept in store large quantities of lard at his warehouse, and, from time to time, issued his warehouse receipts to those for whom he held the property in store; that from long and general usage in commerce and trade such warehouse receipts have now, and for a long time past have had, a well understood import among business men, and heretofore have been and are now extensively used in the city of Cincinnati as a common security in obtaining loans and discounts, and in other dealings with banks and bankers ”

“ None of these provisions of the Missouri statutes are limited or even addressed to factors or other agents authorized to sell the goods of their principals, and intrusted for that purpose with the possession either of the goods, or of warehouse receipts, bills of lading, or other similar documents in which such agents are named as consignees. But their leading object is to regulate the manner and effect of transferring warehouse receipts and bills of lading by indorsement. ”

“ That under Federal legislation distilled spirits may be left in a warehouse for several years, that there is no specific provision in the statutes in question giving to the proprietor who pays the taxes a right to recover interest thereon, and that for spirits so in bond negotiable warehouse receipts have been issued, do not affect the question of the power of the state. ”

“ Moreover, § 5a (7) of the Commodity Exchange Act, 49 Stat. 1491, 1498, 7 U.S.C. § 7a (7) , 7 U.S.C.A. § 7a (7) , provides that receipts issued under the United States Warehouse Act 'shall be accepted in satisfaction of any futures contract * * * without discrimination and notwithstanding that the warehouseman issuing such receipts is not also licensed as a warehouseman under the laws of any State or enjoys other or different privileges than under State law * * *.'
(4) Mixing high quality public grain with inferior grain owned by respondents, delay in loading grain. ”

“ No charge is made for the transportation to the appraiser's office of the packages thus selected. When goods are unclaimed, they are sent from the landing to a public store owned or leased by the United States, or to a general-order warehouse or a private bonded warehouse, and 'all charges for storage, labor, and other expenses accruing on any such merchandise, not to exceed, in any case, the regular rates for such objects at the port in question, must be paid before delivery of the goods.' Id. ”

“ Merchandise, if duly imported, with certain exceptions not necessary to be noticed, may be entered for warehousing without paying the duties at the time of the entry, in which event the goods are delivered into the possession of the collector, and are deposited, at the option of the owner, importer, consignee, or agent, at his expense, in any public warehouse or other place provided by law for the storage of such property. ”

“ There is no pretence of fraud or collusion, and we think it would be a surprise to warehousemen to be told, that when they issued their receipts for property in store they became not only responsible as custodians of the property, but guarantors of its title to the assignees of their receipts. Such a rule would make it necessary for a warehouseman, before giving a receipt, not only to ascertain whether he had the property actually in store, but whether the title of the bailor was valid and unincumbered. ”

“ But it cannot be assumed on this record that the receipts contained it, and, if they did, even then the value of the instrument would be due rather to the assumption that the bailee would not give up the goods without a return of it than to the promise. The value of the promise would vary with the promisor. As a key to the goods, a receipt no more can be called a second property of equal value than could a key to an adamantine safe that could not be opened without it be called a second property of a value distinct from but equal to that of the money that the safe contained. ”

“ No notice is required, but the importer who makes the entries is under obligation to ake notice of the collector's settlement of the amount of duties.' And in the syllabus of the case by the reporter it is said: 'The right of the importer to complain or appeal begins with the date of the liquidation, whenever that is made.' These quotations abundantly show, we think, that the question as to when the ascertainment and liquidation should take place was not considered by the court at all, further than that it should take place some time after the entry of the merchandise for warehouse. ”

“ THE COMPANY'S DUTY The express company must always require, on delivering goods, a receipt from the receiver.
If the goods should be received by a second person, on behalf of the consignee, he must sign the consignee's name, and under that his own.
If a package appears to be damaged in transmission, the express company must permit the receiver to examine it before signing. He may refuse to sign or to accept in any way, if the goods are injured, or not as he ordered.
Express companies are responsible for all damages sustained by goods while in their charge. ”

“ The packages, after an entry of them has been made on the books, are distributed singly among women counters, each of whom gives her receipt. A counter, upon receiving a package, takes it to her desk, breaks the seals, and first takes an inventory of the money to see whether the aggregate of the sums called for by the straps around the various parcels of notes corresponds with the amount claimed for the whole. Should she find a discrepancy, she makes a certificate of the difference for return to the sender. ”

“ If the consignee is absent from the place of destination, or cannot, after reasonable inquiries, be found, and no one appears to represent him, the carrier may place the goods in a warehouse or store with a responsible person to be kept on account of and at the expense of the owner. He cannot release himself from responsibility by abandoning the goods, or turning them over to one not entitled to receive them. ”

“ Experience has shown but one method that will insure accurate records, and that method is to manufacture all goods on definite orders and to charge all work not applied to a specific manufacturing order, to expense or operating accounts. The receipt of an order to manufacture before starting the work, is of the same importance to the superintendent as that the commercial department shall receive an order from the customer before shipping goods. ”

“ Both of those classes are called private bonded warehouses, because they were the property of their owners, and were not formally leased to the United States; but no store could be constituted such a warehouse unless it was a first-class fire-proof store, according to the classification of insurance offices, and was first proved to be such to the satisfaction of the Secretary of the Treasury, and was by him authorized to be used for the storage of dutiable merchandise. ”

“ The duty of the warehouseman is performed when he gets the property into his own possession before he issues the receipt, and transfers that possession when demanded to the lawful holder of the receipt.
In this case the liability of Boyd & Co. is just what it would have been if the company had put the cotton in store and taken a receipt to its own order. The fact that Aiken & Watt originally stored the property is a matter of no importance so far as Boyd & Co. are concerned. ”

“ If a merchant has given to an agent corn, wool, oil, or any sort of goods, to traffic with, the agent shall write down the money value, and shall return that to the merchant. The agent shall then take a sealed receipt for the money that he has given to the merchant. ”

“ Provided always, That if the owner or consignee of such goods as shall not be accompanied with the original invoice, should choose to wait the receipt of the invoice, in such case, the collector shall take into his possession all such goods, wares and merchandise, and store the same, at the expense and risk of the owner or consignee, until the invoice shall arrive, or until they agree to have the same valued. ”

“ For the purpose of encouraging and facilitating commerce by exempting the importer from the payment of duties until he is ready to bring his goods into market, provision has been made by which the goods may be entered for warehousing and deposited in a bonded warehouse in the district of entry, and may be transported to a bonded warehouse in any other collection district, and the payment of duties postponed until the goods are withdrawn ”