A warehouse receipt is a written acknowledgment by the warehouseman that he has received the goods described therein and holds the same for the person to whom it is issued or as the latter may order.
It is a contract between the owner of the goods or the person authorized by the owner to transfer ownership or possession over the goods, on one hand, and the warehouseman, on the other hand, for the latter to store the goods and the former to pay the compensation for that service. A warehouseman is a person lawfully engaged in the business of storing goods for profit.
A warehouse receipt is delivered:
1. To the person lawfully entitled to the goods
2. To the person named in a non-negotiable receipt or to his assignee
3. To the lawful holder of a negotiable receipt
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