Should the owner, however, intend to use the document as a negotiable instrument, or should he, for any other consideration, demand the issue of a corresponding negotiable instrument, a regular warrant is directly delivered, witnessing that such goods as therein described have been lodged at the dock by the depositor, and will be delivered to such person or persons as directed by him, or to any lawful assign of the said person or persons.
The same document is also called a transfer-order, the latter denomination being, however, chiefly used for receipts issued by private warehouse owners.
Use of a Warrant.-
The principal feature of a warrant, as used in trade, is that it fairly represents at any time the goods warehoused, and may, therefore, be either transferred to a buyer, who thus becomes de jure the sole proprietor of the subject matter, or given in deposit as a guarantee for money advanced to the owner.
ADVERTISEMENTS:
The owner of a parcel of goods to be warehoused may divide it into as many lots as he finds convenient, and obtain a warrant for each separate lot.
The same thing may also be done for goods lodged under a sole warrant, which may at any time be exchanged for several, representing each a portion of the parcel. Such documents are usually called sale warrants, as purposely intended to enable a merchant to dispose of any partial quantity of his goods, either by public or private sale.
Warrants for warehoused goods are daily put on the market for sale, and the prices thereof are therefore regularly quoted on the market price-lists as warrant prices for each description of goods, such as wool warrants ; cotton warrants ; pig-iron warrants, etc.