Michigan Laws 440.7201 – Warehouse receipt; issuance; storage under government bond
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 440.7201
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Michigan Laws 440.7102
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Michigan Laws 440.1201
- Statute: A law passed by a legislature.
- Warehouse: means a person engaged in the business of storing goods for hire. See Michigan Laws 440.7102
- Warehouse receipt: means a document of title issued by a person engaged in the business of storing goods for hire. See Michigan Laws 440.1201
(1) A warehouse receipt may be issued by any warehouse.
(2) If distilled spirits, agricultural commodities, or any other goods 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 considered to be a warehouse receipt even if issued by a person that is the owner of the goods and is not a warehouse.