This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 579.— Is not the description of the place where goods are stored an essential point in a warehouse receipt? The statement of Mr. Lash in his article (Vol. II., p. 71 of the Journal), would seem to indicate that the description is necessary.
Answer.—In the statement mentioned Mr. Lash has reference to security under sec. 74, which, to be valid, must comply strictly with the terms of the Act. These are, among other requirements, an assignment in the form given in Schedule C. (which provides for a statement of the place where stored) or in a form " to the like effect." If a form were used which contained no reference to the place, it could scarcely be said to be "to the like effect."
A warehouse receipt, on the other hand, is defined as "Any receipt given by any person for any goods, wares or merchandise in his actual, visible and continued possession, as bailee thereof in good faith, and not as his own property." Nothing is said as to the place of storage, and there are only two conditions laid down: that it shall be receipt given for goods belonging to another, and that they shall be in the actual possession of the one who gives it.