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(240 ILCS 10/10) (from Ch. 111 2/3, par. 128)
Sec. 10. Warehouse Receipts. Every operator shall, upon the receipt of personal property
for storage, issue and deliver to the depositor a negotiable or a
non-negotiable
warehouse receipt.
Negotiable warehouse receipt forms, complying in every respect with
subsection
(2) of Section 7-202 of the "Uniform Commercial Code", approved July 31,
1961, as amended, must be printed in a form prescribed by the Commission,
and prenumbered by a bonded printer. Negotiable warehouse receipt forms
must be kept under lock and key at the office of the warehouse operator.
A register must be kept of each negotiable warehouse receipt issued.
Endorsements
shall be made on the negotiable warehouse receipt of any partial deliveries
of goods covered by such receipt. Delivery of goods covered by a negotiable
warehouse receipt without surrender of such negotiable warehouse receipt
shall be prohibited.
Non-negotiable warehouse receipts shall conform with subsection (2) of
Section 7-202 of the "Uniform Commercial Code", approved
July 31, 1961, as amended.
The property of each depositor shall be specifically designated under a
lot, product code, batch, or other control unit agreed upon by the warehouseman
and depositor. Said designation shall also
appear on the receipt for the purpose
of identification, and a separate account and record shall be kept for each
customer's property.
No operator shall issue any receipt unless the same shall state on the
face thereof in conspicuous type whether or not such goods are insured for
the benefit of the depositor against fire or any other casualty.
(Source: P.A. 96-515, eff. 1-1-10.)
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