Chapter V WAREHOUSE RECEIPTS

Every warehouse shall, at the time when goods are received by him for deposit in a warehouse, issue a receipt in the prescribed form, containing full particulars in respect of the goods stored in his warehouse by each depositor.

A receipt issued by a warehouseman shall, unless otherwise specified on the receipt, be transferable by endorsement, and shall entitle its lawful holder to receive the goods specified in it on the same terms and conditions on which the person who originally deposited the goods would have been entitled to receive them.

If a receipt is lost, destroyed, torn, defaced, damaged or otherwise becomes illegible, a warehouseman shall on an application made by the depositor and on payment by him of the prescribed fee (if any), issue a duplicate receipt on such conditions as he may think fit to impose, being conditions made by rules prescribed for the purpose.