Section 20
Transfer of non-negotiable receipts.
The Warehousing (Development and Regulation) Act, 2007
About this Act
An Act to make provisions for the development and regulation of warehouses, negotiability of warehouse receipts, establishment of a Warehousing Development and Regulatory Authority and for matters connected therewith or incidental thereto.
(1) A non-negotiable warehouse receipt may be
transferred by the holder by delivery to a purchaser or donee of the goods in writing executed by the
holder.
(2) A person to whom the goods covered by a non-negotiable warehouse receipt is transferred acquires--
(a) the title of the transferor to the goods; and
(b) the right to deposit with the warehouseman the receipt or duplicate thereof or to give notice in writing to the warehouseman of the transfer.
(3) The transferee shall acquire the benefit of the obligation of the warehouseman to hold goods in storage for him according to the terms of the receipt upon deposit of the transfer of the goods and on giving notice in writing of the transfer and upon the warehouseman having a reasonable opportunity of verifying the transfer.
(2) A person to whom the goods covered by a non-negotiable warehouse receipt is transferred acquires--
(a) the title of the transferor to the goods; and
(b) the right to deposit with the warehouseman the receipt or duplicate thereof or to give notice in writing to the warehouseman of the transfer.
(3) The transferee shall acquire the benefit of the obligation of the warehouseman to hold goods in storage for him according to the terms of the receipt upon deposit of the transfer of the goods and on giving notice in writing of the transfer and upon the warehouseman having a reasonable opportunity of verifying the transfer.