Section 21 in The Warehousing (Development and Regulation) Act, 2007

Title: Conclusiveness of negotiable warehouse receipt

Description: In the hands of a holder who has purchased a negotiable warehouse receipt for valuable consideration, it shall be conclusive evidence of the goods described in it as against the warehouseman or any person claiming through him.

Title: Presumption in certain cases

Description: In a dispute between an endorser of a negotiable warehouse receipt and his endorsee unless it is proved otherwise, it shall be presumed that— (a) the endorsement has been made voluntarily; (b) the endorsement has been made for full consideration; (c) the endorser had full legal title in the goods represented by the receipt; and (d) the endorsement has extinguished all the rights, title and interest of the endorser in the goods.

Title: Issue of duplicate receipt.

Description: (1) No warehouseman shall issue a warehouse receipt without actually receiving the goods of the quantity, quality or grade and other particulars as may be mentioned in the receipt. (2) No warehouseman shall issue more than one receipt for the same goods deposited by any person: Provided that in case of a loss or destruction, a duplicate receipt may be issued in such manner as may be specified by the Authority by regulations. (3) If a warehouseman fails to comply with the provisions of sub-section (2), he would be liable for all such damages caused by the failure to any person who has transacted on such receipt for valuable consideration, believing it to be an original, even though the transaction is after the delivery of the goods by the warehouseman to the holder of the original receipt. (4) A receipt on the face of which the word "duplicate" is plainly marked is a representation and warranty by the warehouseman that it is an accurate copy of a receipt properly issued and uncancelled on the date of issue of the duplicate warehouse receipt.

Title: Establishment and incorporation of Authority

Description: (1) With effect from such date as the Central Government may, by notification, specify in this behalf, there shall be constituted an authority to be called the Warehousing Development and Regulatory Authority to exercise the powers conferred on, and to perform the functions assigned to it by or under this Act. (2) The Authority shall be a body corporate by the name aforesaid having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property, both movable and immovable, and to contract and shall, by the said name, sue or be sued. (3) The head office of the Authority shall be at New Delhi and the Authority may, with the previous approval of the Central Government, establish offices at other places in India.

Title: Composition of Authority

Description: The Authority shall consist of— (a) a Chairperson; and (b) not more than two other members, to be appointed by the Central Government from amongst persons of ability, integrity and standing who have wide knowledge and experience in inventory management, insurance, preservation, quality control, agriculture banking, finance, economics, law or administration.

CHAPTER 4 WAREHOUSE RECEIPTS