093_HB0432

 
                                     LRB093 03682 MBS 03712 b

 1        AN ACT concerning commercial transactions.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Uniform Commercial  Code  is  amended  by
 5    changing Section 7-202 as follows:

 6        (810 ILCS 5/7-202) (from Ch. 26, par. 7-202)
 7        Sec.  7-202.  Form of warehouse receipt; essential terms;
 8    optional terms.
 9        (1)  A warehouse receipt need not be  in  any  particular
10    form.
11        (2)  Unless  a  warehouse  receipt  embodies  within  its
12    written   or   printed  terms  each  of  the  following,  the
13    warehouseman is liable for damages caused by the omission  to
14    a person injured thereby:
15             (a)  the  location  of the warehouse where the goods
16    are stored;
17             (b)  the date of issue of the receipt;
18             (c)  the consecutive number of the receipt;
19             (d)  a statement whether the goods received will  be
20    delivered  to  the  bearer,  to  a  specified person, or to a
21    specified person or his order;
22             (e)  the  rate  of  storage  and  handling  charges,
23    except that where goods are stored under a field  warehousing
24    arrangement  a  statement  of  that  fact  is sufficient on a
25    non-negotiable receipt;
26             (f)  a description of the goods or of  the  packages
27    containing them;
28             (g)  the signature of the warehouseman, which may be
29    made by his authorized agent;
30             (h)  if the receipt is issued for goods of which the
31    warehouseman  is owner, either solely or jointly or in common
 
                            -2-      LRB093 03682 MBS 03712 b
 1    with others, the fact of such ownership; and
 2             (i)  a statement of the amount of advances made  and
 3    of  liabilities  incurred for which the warehouseman claims a
 4    lien or security interest (Section 7--209).  If  the  precise
 5    amount  of such advances made or of such liabilities incurred
 6    is, at the time of the issue of the receipt, unknown  to  the
 7    warehouseman  or  to  his agent who issues it, a statement of
 8    the fact that advances have been made or liabilities incurred
 9    and the purpose thereof is sufficient.
10        (3)  A warehouseman may insert in a his receipt any other
11    terms which are not contrary to the provisions  of  this  Act
12    and do not impair his obligation of delivery (Section 7--403)
13    or his duty of care (Section 7--204). Any contrary provisions
14    shall be ineffective.
15    (Source: Laws 1961, p. 2101.)

16        Section  99.  Effective date.  This Act takes effect upon
17    becoming law.