§7-1201. Person that may issue a warehouse receipt; storage under bond (1). A warehouse receipt may be issued by any warehouse. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (2). If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond […]
§7-1202. Form of warehouse receipt; effect of omission (1). A warehouse receipt need not be in any particular form. [PL 2009, c. 324, Pt. A, §2 (NEW); PL 2009, c. 324, Pt. A, §4 (AFF).] (2). Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to […]
§7-1203. Liability for nonreceipt or misdescription A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to […]
§7-1204. Duty of care; contractual limitation of warehouse’s liability (1). A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the goods that a reasonably careful person would exercise under similar circumstances. Unless otherwise agreed, the warehouse is not liable for […]
§7-1205. Title under warehouse receipt defeated in certain cases A buyer in ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling such goods takes the goods free of any claim under a warehouse receipt even if the receipt is negotiable and […]
§7-1206. Termination of storage at warehouse’s option (1). A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any charges and removal of the goods from the warehouse at the termination of the period […]
§7-1207. Goods must be kept separate; fungible goods (1). Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible goods may be commingled. [PL 2009, c. 324, Pt. A, […]
§7-1208. Altered warehouse receipts If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any tangible or electronic warehouse receipt enforceable against the issuer according […]
§7-1209. Lien of warehouse (1). A warehouse has a lien against the bailor on the goods covered by a warehouse receipt or storage agreement or on the proceeds thereof in its possession for charges for storage or transportation, including demurrage and terminal charges, insurance, labor or other charges, present or future, in relation to the […]
§7-1210. Enforcement of warehouse’s lien (1). Except as otherwise provided in subsection (2), a warehouse’s lien may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in […]
