Massachusetts Warehouse Record of Receipt is a legal document utilized in the logistics and warehousing industry to acknowledge the receipt of goods or merchandise stored in a warehouse facility located in the state of Massachusetts, USA. This document serves as proof of ownership, quantity, and condition of the items stored. The Massachusetts Warehouse Record of Receipt contains various pertinent information including the warehouse's name, address, and contact details. It also includes the consignor's information, such as name, address, and contact details, alongside the consignee's information. Additionally, the document specifies the date of receipt, the type of goods received, their quantity, and any special instructions or handling requirements. Keywords: Massachusetts Warehouse, Record of Receipt, logistics, warehousing, legal document, proof of ownership, quantity, condition, consignor, consignee, date of receipt, goods, warehouse facility, special instructions, handling requirements. Types of Massachusetts Warehouse Record of Receipt: 1. Standard Warehouse Record of Receipt: This is the most common type used in Massachusetts warehouses. It is a general document that acknowledges the receipt of various types of goods. 2. Temperature-Controlled Warehouse Record of Receipt: This type of record is specific to warehouses that store goods requiring temperature regulation or climate control, such as perishable items, pharmaceuticals, or certain chemicals. It includes additional information related to temperature requirements and monitoring. 3. Hazardous Materials Warehouse Record of Receipt: Massachusetts warehouses handling hazardous materials, as defined by regulatory agencies, utilize this type of record. It includes detailed information about the hazardous nature of the stored goods and compliance with safety regulations. 4. Bonded Warehouse Record of Receipt: Bonded warehouses, which store goods on which the payment of customs duties is deferred until the goods are removed from the warehouse, utilize this specialized record. It includes specific customs-related information and compliance with related regulations. 5. Public Warehouse Record of Receipt: This type of record is used when goods are stored in a public warehouse rather than a private or contract warehouse. It includes relevant information about the public warehouse's terms and conditions, rates, and liabilities. Keywords: Standard Warehouse Record of Receipt, Temperature-Controlled Warehouse, Hazardous Materials, Bonded Warehouse, Public Warehouse, goods, temperature regulation, climate control, perishable items, pharmaceuticals, chemicals, hazardous nature, safety regulations, customs duties, public warehouse, private warehouse, contract warehouse, terms and conditions, rates, liabilities.
Massachusetts Warehouse Record of Receipt
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Warehouse receipts may be negotiable or non-negotiable. Negotiable warehouse receipts allow transfer of ownership of that commodity without having to deliver the physical commodity. See Delivery order. Most warehouse receipts are issued in negotiable form, making them eligible as collateral for loans.
Negotiable warehouse receipt, which was launched in 2011, allows transfer of ownership of that commodity stored in a warehouse without having to deliver the physical commodity. These receipts are issued in negotiable form, making them eligible as collateral for loans.
Warehouse Receipts may be either non-negotiable or negotiable (means transferable by simple endorsement /signature). Negotiable warehouse receipts are transferred by endorsement and delivery; i.e., either the original depositor or the holder in due course (transferee) can claim the commodities from the warehouse.
Warehouse Receipt as Securitiesvalue of goods based on market prices at the time the goods are entered into the warehouse. Warehouse receipts that are used as collateral must be submitted or are in the control of the creditor as the recipient of the guarantee.
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.
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.
Warehouse receipts can be negotiable or non-negotiable. A warehouse receipt which is made to the order of a named party is known as a bearer instrument. With the order bill of lading, the ownership of the warehouse commodities can be transferred from party to party by endorsing and passing the documents.
A warehouse receipt provides the exchange with documentation that the goods authorized for sale are available and ready for transfer to a buyer. The entity selling their inventory will write a futures contract to sell at a specified price.
A warehouseman shall be liable to the holder of a receipt for damages caused by the non-existence of the goods or by the failure of the goods to correspond with the description thereof in the receipt at the time of its issue.
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.