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LSDefine

Simple English definitions for legal terms

warehouse receipt

Read a random definition: affirmant

A quick definition of warehouse receipt:

A warehouse receipt is a document that proves ownership of goods that are stored with someone else, usually for a fee. It is like a special ticket that shows you have the right to claim your goods when you need them. This document can also be used to get a loan, where the goods are used as security. This is called a bailment, which means that the goods are in the possession of someone else, but you still own them.

A more thorough explanation:

A warehouse receipt is a document that proves ownership of goods that are stored with someone else, usually for a fee. It is considered a document of title and can be used as collateral for financing.

Bailment is a legal relationship between two parties where one person (the bailor) delivers personal property to another person (the bailee) for a specific purpose under an express or implied contract. Unlike a sale or gift, bailment involves a change in possession but not in title.

  • A person leaves their car with a parking attendant for a fee. This is a bailment for hire.
  • A person leaves their car with a parking attendant who will also wash the car while it is parked. This is a bailment for mutual benefit.
  • A person leaves their car with a friend for free. This is a gratuitous bailment.

These examples illustrate the different types of bailment based on whether the bailee is compensated, and if so, whether the bailor also receives an additional benefit. In each case, the bailee has a duty to keep the property safe and return it to the bailor.

warehouser | warehouse system

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18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
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