(a) A warehouse receipt may be issued by any warehouse.
(b) If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a receipt issued for the goods is deemed to be a warehouse receipt even if issued by a person that is the owner of the goods and is not a warehouse.
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 7-201 [ 55-7-201 NMSA 1978].
Changes. — Update for style only.
It is not intended by re-enactment of subsection (a) to repeal any provisions of special licensing or other statutes regulating who may become a warehouse. Limitations on the transfer of the receipts and criminal sanctions for violation of such limitations are not impaired. Section 7-103 [ 55-7-103 NMSA 1978]. Compare Section 7-401(4) [ 55-7-401 NMSA 1978] on the liability of the issuer in such cases. Subsection (b) covers receipts issued by the owner for whiskey or other goods stored in bonded warehouses under such statutes as 26 U.S.C. Chapter 51.
Cross References. — Sections 7-103 [ 55-7-103 NMSA 1978], 7-401 [ 55-7-401 NMSA 1978].
"Warehouse receipt". Section 1-201 [ 55-1-201 NMSA 1978].
"Warehouse". Section 7-102 [ 55-7-102 NMSA 1978].