Oklahoma Warehouse Record of Receipt is a legal document that tracks the storage and movement of goods in a warehouse facility located in the state of Oklahoma. This record provides detailed information about the inventory stored in the warehouse, including the type of goods, quantities, and any specific instructions or requirements for handling them. Some essential keywords associated with Oklahoma Warehouse Record of Receipt are: 1. Warehouse Facility: The record is specific to warehouse facilities located in Oklahoma. It ensures that the goods are stored, handled, and transported in compliance with Oklahoma's regulations and specifications. 2. Goods Inventory: The warehouse record provides a comprehensive description of the goods stored, including their types, quantities, and relevant characteristics or specifications. This helps in efficient inventory management and ensuring proper handling of different types of products. 3. Receipt Documentation: The record acts as an official receipt acknowledging the receipt of goods into the warehouse facility. It serves as proof of delivery and a reference point for any future transactions or disputes related to the stored goods. 4. Goods Movement Tracking: The record is regularly updated to reflect any movement or changes in the status of the goods. This includes information about the incoming goods, outgoing goods, transfers within the warehouse, or any other significant changes in the inventory's location or condition. 5. Legal Compliance: The Oklahoma Warehouse Record of Receipt ensures compliance with legal requirements governing the storage and handling of goods. It aids in meeting regulatory standards, including proper labeling, storage conditions, and safety protocols. Types of Oklahoma Warehouse Record of Receipt: 1. General Warehouse Record of Receipt: This type of record pertains to the standard storage and movement of a variety of goods in a warehouse facility in Oklahoma. It includes details such as product descriptions, quantities, dates of receipt, and any specific instructions for handling. 2. Specialty Goods Warehouse Record of Receipt: In some cases, specialized warehouse facilities are used for storing specific goods, such as hazardous materials, perishable items, or high-value assets. The Specialty Goods Warehouse Record of Receipt would incorporate additional information specific to these types of goods, such as storage requirements, safety measures, and handling protocols. In conclusion, the Oklahoma Warehouse Record of Receipt is a vital document that facilitates proper inventory management, ensures legal compliance, and tracks the movement of goods within warehouse facilities in Oklahoma. By recording essential information about the stored goods, it helps in maintaining transparency, enhancing efficiency, and safeguarding the interests of both warehouse operators and parties utilizing their storage services.
Oklahoma 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.
The Warehouse Receipts System denotes a kind of trade by which commodities are stored in a Licensed Warehouse(s), the owner of the commodity receives Warehouse Receipts, which certifies the title of deposited commodities as of specific ownership, value, type, quantity and quality (grades).
Used in future markets, a warehouse receipt is a document that serves to guarantee the quantity and quality of a given commodity availability in an approved facility. These receipts serve as proof that the commodity is in the warehouse and that the necessary documentation has been received.
A vault receipt is an example of warehouse receipt but it is used for metals. Vault receipts show ownership of precious metals stored in a warehouse, bank and other approved facilities. Warehouse receipts are used for commodities stored which will be delivered or used later on.
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.
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.
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.
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 is a type of documentation used in the futures markets to guarantee the quantity and quality of a particular commodity being stored within an approved facility.
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.