Warehouse Receipt Law and Legal Definition
A warehouse receipt is a document showing that title to goods is stored with someone else. It is a receipt issued by a person engaged in the business of storing goods for a fee. Generally, a warehouse receipt is considered a document of title. A negotiable instrument can also be taken as a warehouse receipt and is often used for financing with inventory as security. In United States v. Hastings, 296 U.S. 188, 197 (U.S. 1935), it was stated that a warehouse receipt is of special importance and is issued by a warehouseman for products stored for interstate or foreign commerce, or in any place under the exclusive jurisdiction of the U.S.