Legal Construction of Warehouse Receipts as Bank Financing Collateral: Transfer, Fiduciary Guarantee, Registration, and Accountability of the Parties

Sularno Sularno; Rommy Hardyansah; Novritsar Hasitongan Pakpahan; Febrian Dirgantara; Kurnia Wijaya

Authors

Sularno Sularno Universitas Sunan Giri Surabaya
Rommy Hardyansah Universitas Sunan Giri Surabaya
Novritsar Hasitongan Pakpahan Universitas Sunan Giri Surabaya
Febrian Dirgantara Universitas Sunan Giri Surabaya
Kurnia Wijaya Universitas Sunan Giri Surabaya

Keywords:

: warehouse receipt; warehouse receipt system; fiduciary; endorsement; registration center; liability; bank financing

Abstract

This article examines the legal framework for warehouse receipt-based financing and the construction of the liability of issuers and holders of receipts for data discrepancies, damage, loss of commodities, and claim disputes. The research uses a normative juridical method with literature studies and regulatory document analysis. The Warehouse Receipt System places receipts as documents that represent stored goods, can be transferred through endorsement, and can be encumbered with fiduciary guarantees to secure debts. In bank financing, the validity of collateral relies on the orderly issuance of receipts, the recording of transfers at the registration center, and the registration of fiduciary guarantees, so that the certainty of the holder's rights can be tested administratively and civilly. The issuer's responsibility is established through the obligation to maintain goods in accordance with standards, guarantee the accuracy of warehouse receipt information, bear losses for goods while in the warehouse's possession, and fulfill insurance obligations. The holder's responsibility mainly relates to proving the legality of warehouse receipt possession, compliance with transfer procedures, and the use of available claim and dispute resolution mechanisms. The avenues for recovery of losses include claims for breach of contract or unlawful acts, as well as criminal enforcement in cases of forgery or unauthorized transfer. The results of the research formulate a map of normative relationships that guide banks, warehouse managers, and receipt holders in designing transaction documents, managing risks, and enforcing rights over stored commodities. This research emphasizes the importance of coordination between receipt registration procedures, fiduciary administration, and warehouse management to reduce the possibility of double claims. The resulting normative formulation can be used as a reference for drafting credit clauses, custody clauses, and receipt verification standards prior to disbursement, as well as reporting guidelines in the event of transaction anomalies.

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