§ 7201 Warehouse Receipt Issuance Rules

• •A receipt for stored goods can count as a warehouse receipt.
• •It applies even if the person issuing the receipt isn’t a licensed warehouse.
• •It only applies to goods like distilled spirits and agricultural commodities that are stored under a law that requires a bond or license.

A farmer stores his corn in his barn and gives a receipt to a buyer who wants to buy the corn later.

Because corn is an agricultural commodity and the storage is covered by a law that requires a bond, the receipt the farmer gives is considered a warehouse receipt, even though the farmer isn’t a warehouse.