Cases not provided for in Act.
Section 56
SEC. 56. Cases not provided for in Act.—Any case not provided for in this Act shall be governed by the provisions of existing legislation, or in default thereof, by the rules of the law merchant.
Act No. 2137 CHAPTER V.
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails.・Read the official text ↗
Name of Act.
Section 57
SEC. 57. Name of Act.—This Act may be cited as the Warehouse Receipts Act.
Definitions.
Section 58
SEC. 58. Definitions.— (a) In this Act, unless the context or subject matter otherwise requires— "Action" includes counter claim, set-off, and suit in equity as provided by law in these Islands. "Delivery" means voluntary transfer of possession from one person to another. "Fungible goods" means goods of which any unit is, from its nature or by mercantile custom, treated as the equivalent of any other unit. "Goods" means chattels or merchandise in storage, or which has been or is about to be stored. "Holder" of a receipt means a person who has both actual possession of such receipt and a right of property therein. "Order" means an order by indorsement on the receipt. "Owner" does not include mortgagee or pledgee. "Person" includes a corporation or partnership or two or more persons having a joint or common interest. To "purchase" includes to take as mortgagee or as pledgee. "Purchaser" includes mortgagee and pledgee. "Receipt" means a warehouse receipt. "Value" is any consideration sufficient to support a simple contract. An antecedent or pre-existing obligation, whether for money or not, constitutes value where a receipt is taken either in satisfaction thereof or as security therefor. "Warehouseman" means a person lawfully engaged in the business of storing goods for profit. (b) A thing is done "in good faith" within the meaning of this Act. when it is in fact done honestly, whether it be done negligently or not.
Application of Act.
Section 59
SEC. 59. Application of Act.—The provisions of this Act do not apply to receipts made and delivered prior to the taking effect hereof.
Repeals.
Section 60
SEC. 60. Repeals.—All Acts and laws and parts thereof inconsistent with this Act are hereby repealed.
Time when Act takes effect.
Section 61
SEC. 61. Time when Act takes effect.—This Act shall take effect ninety days after its publication in the Official Gazette of the Philippine Islands shall have been completed. Enacted, February 5, 1912.
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Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).