Section 4: Receipts, warrants and storage receipts

Each depositor is issued with one or more receipts. These receipts shall state the name, occupation and domicile of the depositor as well as the nature of the goods deposited and the particulars likely to establish their identity and determine their value. Fungible goods deposited in general shops and in respect of which a receipt and warrant have been issued may be replaced by goods of the same nature, kind…

To each goods receipt shall be annexed, under the name of warrant, a pledge note containing the same particulars as the receipt. Goods receipts and warrants annexed thereto shall be extracted from a counterfoil register.

Receipts and warrants may be transferred by endorsement, together or separately.

Any transferee of the receipt or warrant may demand the transcription in the counterfoil registers from which they are extracted of the endorsement made for his benefit, with an indication of his domicile.

Endorsement of the warrant separate from the receipt is equivalent to a pledge of the goods in favour of the transferee of the warrant. Endorsement of the receipt transfers to the transferee the right to dispose of the goods, it being the transferee’s responsibility, where the warrant is not transferred with the receipt, to pay the claim secured by the warrant or to allow the amount to be paid out…

The endorsement of the receipt and warrant, transferred together or separately, must be dated. The endorsement of the warrant separate from the receipt must, in addition, state the full amount, in capital and interest, of the secured claim, the date of its maturity and the name, profession and domicile of the creditor. The first transferee of the warrant must immediately have the endorsement transcribed into the shop registers, together with…

The bearer of the separate warrant receipt may, even before maturity, pay the claim secured by the warrant. If the bearer of the warrant is not known or if, being known, he does not agree with the debtor on the conditions on which the advance payment would take place, the sum due, including interest until maturity, shall be consigned to the administration of the general shop, which shall remain responsible…

In the event of non-payment on the due date, the bearer of the warrant separated from the receipt, may, eight days after the protest, and without any judicial formality, have the public auction and wholesale sale of the goods committed carried out by public officers, in accordance with the provisions of Book III relating to public wholesale sales of goods. In the event that the original subscriber of the warrant…

I. – The creditor shall be paid his claim on the price, directly and without any formality of justice, by privilege and in preference to all creditors, without any other deduction than those: 1° Of the indirect contributions, and customs duties due by the merchandise; 2° Of the expenses of sale, storage and other expenses for the preservation of the thing. II. – If the bearer of the receipt does…

The holder of the warrant has recourse against the borrower and the endorsers only after exercising his rights over the goods and in the event of insufficiency. The time limit set by article L. 511-42 for exercising recourse against endorsers, shall only run from the day on which the sale of the goods is completed. The warrant holder loses, in any event, his recourse against the endorsers if he has…