Recognition and functioning of warehouse receipt in Iran’s law and comparing with US Uniform Commercial Code

Recognition and functioning of warehouse receipt is one of the legal issues that was not studied in Iran’s law. Therefore, in this article firstly recognition and legal nature of warehouse receipt and secondly functioning of this instrument in Iran’s and US law were considered. Historically, warehouse receipt has entered in Iranian law’s litreture since 1961. Although, merchants have used aforesaid instrument prior sch time. In Iran’s law, this instrument has the collateral role. After submission of the commodity to the public warehouse, stockman is obliged to issue the warehouse receipt. This instrument is the proof of title of the commodity and it could be trasfered to the third party through endorsement. In Federal legal system and US Uniform Commercial Code, this instrument has the collateral, endorsable and bearing role. Warehouse owner may select one of the Federal and/or state regulation. In local level, it is possible not to meet unified procedure in warehouse receipt issue. Although, several states supervise on warehouse directly.