2018 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 7 - Documents of Title
Section 55-7-202 - Form of warehouse receipt; effect of omission.

(a) A warehouse receipt need not be in any particular form.

(b) Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a person injured by its omission:

(1) a statement of the location of the warehouse facility where the goods are stored;

(2) the date of issue of the receipt;

(3) the unique identification code of the receipt;

(4) a statement whether the goods received will be delivered to the bearer, to a named person or to a named person or its order;

(5) the rate of storage and handling charges, unless goods are stored under a field warehousing arrangement, in which case a statement of that fact is sufficient on a nonnegotiable receipt;

(6) a description of the goods or the packages containing them;

(7) the signature of the warehouse or its agent;

(8) if the receipt is issued for goods that the warehouse owns, either solely, jointly or in common with others, a statement of the fact of that ownership; and

(9) a statement of the amount of advances made and of liabilities incurred for which the warehouse claims a lien or security interest, unless the precise amount of advances made or liabilities incurred, at the time of the issue of the receipt, is unknown to the warehouse or to its agent that issued the receipt, in which case a statement of the fact that advances have been made or liabilities incurred and the purpose of the advances or liabilities is sufficient.

(c) A warehouse may insert in its receipt any terms that are not contrary to the Uniform Commercial Code and do not impair its obligation of delivery under Section 55-7-403 NMSA 1978 or its duty of care under Section 55-7-204 NMSA 1978. Any contrary provision is ineffective.

History: 1953 Comp., § 50A-7-202, enacted by Laws 1961, ch. 96, § 7-202; 2005, ch. 144, § 58.

OFFICIAL COMMENTS

UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.

Prior Uniform Statutory Provision. — Former Section 7-202 [55-7-202 NMSA 1978].

Changes. — Language is updated to accommodate electronic commerce and to reflect modern style.

1. This section does not displace any particular legislation that requires other terms in a warehouse receipt or that may require a particular form of a warehouse receipt. This section does not require that a warehouse receipt be issued. A warehouse receipt that is issued need not contain any of the terms listed in subsection (b) in order to qualify as a warehouse receipt as long as the receipt falls within the definition of "warehouse receipt" in Article 1. Thus the title has been changed to eliminate the phrase "essential terms" as provided in prior law. The only consequence of a warehouse receipt not containing any term listed in Subsection (b) is that a person injured by a term's omission has a right as against the warehouse for harm caused by the omission. Cases, such as In re Celotex Corp., 134 B. R. 993 (Bankr. M.D. Fla. 1991), that held that in order to have a valid warehouse receipt all of the terms listed in this section must be contained in the receipt, are disapproved.

2. The unique identification code referred to in Subsection (b)(3) can include any combination of letters, number, signs, and/or symbols that provide a unique identification. Whether an electronic or tangible warehouse receipt contains a signature will be resolved with the definition of sign in Section 7-102 [55-7-102 NMSA 1978].

Cross References. — Sections 7-103 [55-7-103 NMSA 1978] and 7-401 [55-7-401 NMSA 1978].

"Bearer". Section 1-201 [55-1-201 NMSA 1978].

"Delivery". Section 1-201.

"Goods". Section 7-102 [55-7-102 NMSA 1978].

"Person". Section 1-201.

"Security interest". Section 1-201.

"Sign". Section 7-102.

"Term". Section 1-201.

"Warehouse receipt". Section 1-201.

"Warehouse". Section 7-102.

Repeals and reenactments. — Laws 2005, ch. 144, § 58 repealed former 55-7-202 NMSA 1978, as enacted by Laws 1961, ch. 96, § 7-202, and enacted a new section, effective January 1, 2006.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 78 Am. Jur. 2d Warehouses § 44.

Provision in bill of lading prohibiting or limiting consignee's right to inspect goods shipped, 25 A.L.R. 770.

Right of purchaser of receipt against warehouseman, 38 A.L.R. 1205.

"Warehouse purchase receipt" as bailment or contract of sale, 91 A.L.R. 907.

Provision in warehouseman's receipt limiting liability as applicable where warehouseman converts property, 99 A.L.R. 266.

Validity as against third persons of sale or pledge of goods, or receipts issued for goods, retained in warehouse on premises of seller or pledgor, 133 A.L.R. 209.

Storage contract as a bailment of chattels or lease of place where chattels are stored, 138 A.L.R. 1137.

Necessity of bringing to bailor's attention provision in warehouse receipt limiting liability of warehouseman, 160 A.L.R. 1112.

Warehouseman's liability for loss occasioned by failure to issue proper receipt to depositor, 168 A.L.R. 945.

Liability of warehouseman or other bailee for loss of goods stored at other than agreed-upon place, 76 A.L.R.4th 883.

93 C.J.S. Warehousemen and Safe Depositaries § 20.