Under the UCC, a warehouse receipt:

a. Is negotiable if, by its terms, the goods are to be delivered to bearer or to the order of a named person

b. Will not be negotiable if it contains a contractual limitation on the warehouse’s liability

c. May qualify as both a negotiable warehouse receipt and negotiable commercial paper if the instrument is payable either in cash or by the delivery of goods

d. May be issued only by a bonded and licensed warehouser Appendix