The Kentucky Warehouse Record of Receipt is an essential document that plays a crucial role in the warehousing and distribution industry. This detailed description will provide an overview of what the Kentucky Warehouse Record of Receipt entails and give insight into its significance for businesses operating in this sector. The Kentucky Warehouse Record of Receipt is an official record that acknowledges the receipt and storage of goods in a warehouse facility located within the state of Kentucky, United States. This document serves as concrete proof of the transfer of ownership and responsibility for the goods from the depositor to the warehouse operator. Key elements included in the Kentucky Warehouse Record of Receipt are: 1. Warehouse Information: This section outlines the details of the warehouse involved in the transaction. This includes the warehouse's name, address, contact information, and license number. It ensures that the warehouse is operating legally and compliant with Kentucky's regulations. 2. Depositor Information: The depositor's details, such as their name, address, and contact information, are recorded in this section. It identifies the party who has entrusted their goods to the warehouse for storage and management. 3. Description of Goods: The Kentucky Warehouse Record of Receipt provides space for a comprehensive description of the goods stored within the warehouse. This includes the quantity, type, and any distinguishing features that help identify and differentiate the assets. 4. Warehouse Receipt Number: Each Kentucky Warehouse Record of Receipt is assigned a unique receipt number. This number establishes a distinct identifier for the transaction, facilitating easy tracking and retrieval of records for future reference or legal purposes. 5. Dates and Signatures: The dates of receipt and issuance are recorded, including the depositor's and warehouse operator's signatures, certifying the accuracy of the information and the acceptance of responsibility for the goods outlined in the document. Additionally, according to the Kentucky Department of Agriculture, there are three primary types of Kentucky Warehouse Record of Receipt: 1. Grain Warehouse Record of Receipt: Specifically designed for the storage and handling of agricultural commodities, including wheat, corn, soybeans, and more. 2. General Warehouse Record of Receipt: This type covers a broader spectrum of goods, including manufactured products, raw materials, equipment, and other non-agricultural items, making it suitable for various industries. 3. Temperature-Controlled Warehouse Record of Receipt: This specialized document is tailored for goods that require specific temperature conditions, such as perishable food items, pharmaceuticals, and other temperature-sensitive commodities. Overall, the Kentucky Warehouse Record of Receipt provides legal protection and serves as a detailed record of the goods stored within the warehouse. It offers transparency, accountability, and compliance by accurately documenting the ownership and condition of goods while enabling efficient inventory management and facilitating smooth business operations in Kentucky's competitive warehousing industry.
Kentucky Warehouse Record of Receipt
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How to fill out Kentucky Warehouse Record Of Receipt?
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Section 38. Negotiation of negotiable receipt by indorsement. A negotiable receipt may be negotiated by the indorsement of the person to whose order the goods are, by the terms of the receipt, deliverable. Such indorsement may be in blank, to bearer or to a specified person.
Key Takeaways. A warehouse receipt is used in the futures markets to guarantee the quantity and quality of a commodity being stored in a facility.
A warehouse receipt is a document used in futures markets as a proof that certain commodities are kept by the owners within a warehouse. The receipt contains the name of the owner of a commodity, the quantity stored in a warehouse, and the condition of the commodity when it was stored.
Warehouse receipts are also recognised as documents of title. To establish title to goods, a warehouse receipt must contain the particulars set out in section 11 of the Warehousing Act.
A warehouse receipts system facilitates trading logistics. One of the key advantages of a warehouse receipt system is that it facilitates trade through easier liquidation of a commodity. Since warehouse receipts allow the transfer of right to ownership without actual physical delivery, transaction costs are reduced.
Section 38. Negotiation of negotiable receipt by indorsement. A negotiable receipt may be negotiated by the indorsement of the person to whose order the goods are, by the terms of the receipt, deliverable. Such indorsement may be in blank, to bearer or to a specified person.
Section 1. Persons who may issue receipts. Warehouse receipts may be issued by any warehouseman. (i) A statement of the amount of advances made and of liabilities incurred for which the warehouseman claims a lien.
A warehouse receipt is a document that provides proof of ownership of commodities (e.g., bars of copper) that are stored in a warehouse, vault, or depository for safekeeping. Warehouse receipts may be negotiable or non-negotiable.
Receipts must be issued by an authorized warehouse and must represent a commodity that is deemed to be stored commingled. The receipts must be negotiable and must represent a commodity that is the same quantity and quality as the eligible commodity actually in storage in the warehouse of the original deposit.
Warehouse Receipt is proof of ownership of securities representing goods stored in the Warehouse and issued by the Warehouse Manager.