Commodity security is a security as a fictitious commodity. It is a substitute for a commodity, evidence of ownership of a temporarily alienated thing, which can circulate on the market instead of the thing itself.
A commodity security is a form of existence of a simple commodity loan relationship as a security. Its legal types are warehouse receipts and bills of lading.
The temporary alienation of a thing as a simple commodity, fixed by issuing it to the owner of a security, is the establishment of a special value relationship between the issuer and the investor. In accordance with this relation, the issuer of a commodity security receives at his disposal the commodity only as a thing, i.e., he affects only the use value of the commodity, and the owner of a commodity security receives at his disposal the value of the commodity, but only, of course, not directly. since value cannot be separated from the thing, but in the form of a security, that is, as a fictitious value.
The commodity form of a security makes it possible to separate the use value of a commodity from its value, as a result of which, in the form of a security, the value of the commodity begins to circulate separately between market participants without the physical transfer of the commodity itself between them, i.e., without the circulation of its use value.
cash security - this is a security as a substitute for money, a kind of evidence of ownership of a certain amount of temporarily alienated money, which can perform the payment function of money. A monetary security is a form of existence of a simple monetary loan relationship. Its legal types are checks and bills of exchange. The essence of a monetary security is the splitting of the functions of a certain amount of money between the issuer of the security and its owner. This is done in such a way that the money remains with the issuer only as a source of a cash loan, and the money appears with the owner of the security only as a means of purchase and payment (settlements). In other words, in the form of a monetary security, the payment and settlement function of money is relatively isolated from their use as a loan. A monetary security is a type of credit money. A monetary security is a market form of existence of the payment and settlement function of money, relatively isolated from other functions of money.
Differences between a monetary security and a commodity security: the return by the issuer of money upon redemption of a monetary security outwardly does not differ in any way from its purchase and sale. When a commodity security is canceled, the commodity itself is returned (in exchange for a security), and therefore the cancellation does not act in the form of a purchase and sale of a security; the sale of a monetary security in the secondary market (that is, before the date of its redemption) is always carried out at a price less than the amount of money returned on it, since the amount of money issued on loan is always less than the amount of the debt returned. The sale of a commodity security on the secondary market is carried out in accordance with the current market price of the commodity it represents.
abstract
Commodity securities
1. The concept and types of commodity securities
Commodity securities are understood to be securities that embody the rights of obligations for goods, works and services, and serve the circulation of the named objects of civil rights. Commodity securities are a generic category that has only scientific application and is not found in legislation. Currently, this term combines the following securities - bill of lading, double and simple warehouse receipts. These securities are classified as documents of title, the transfer of which is equivalent to the transfer of the goods they represent.
The legal definition of a bill of lading in Russian legislation no. It is mentioned as a security in the Civil Code Russian Federation. In Article 142 of the Code, the document in question is listed in the list of securities. Article 785 of the second part of the Civil Code of the Russian Federation states that the bill of lading confirms the conclusion of a contract for the carriage of goods in cases provided for by the relevant transport charter. If we turn to the transport legislation, then the bill of lading is used only in the relations of sea and inland waterway transportation of goods. Thus, Article 117 of the Merchant Shipping Code of the Russian Federation states that the existence and content of a contract for the carriage of goods by sea can be confirmed by a charter, bill of lading or other written evidence. Amendments made in July 2012 to the Code of Inland Water Transport of the Russian Federation (hereinafter referred to as the IWTC of the Russian Federation) for the first time provide for the possibility of using a bill of lading in inland water transportation of goods 1 . The bill of lading is mentioned only in Article 67 of the RF CMTC. It says that the parties to the contract for the carriage of goods have the right to provide for the use of a bill of lading as a transport document issued by the carrier. However, the legislator limited himself to this, which can create significant difficulties in applying this rule.
Thus, the legal basis for the circulation of bills of lading are:
Based on the analysis of these documents, as well as legal literature, a bill of lading can be defined as a security certifying the conclusion of a contract for the carriage of goods by sea or inland waterways, as well as the right of its holder to dispose of the goods specified in the bill of lading and receive the goods after the completion of the carriage.
Bill of lading in economic turnover performs the following functions. Firstly, the bill of lading is evidence of the conclusion of a contract for the carriage of goods by sea (inland waterway), but does not replace it. It should be remembered that the bill of lading does not always accompany transportation, it is issued at the request of the sender.
Secondly, this security is proof of acceptance of the goods.
carrier. Thirdly, it simplifies the procedures for the transfer and receipt of cargo. The latter is manifested in the fact that it is enough to present a bill of lading at the port of destination for the cargo to be accepted by the recipient. In addition, the paper in question facilitates the change of the owner of the cargo during its transportation. Thus, for example, goods in transit can be sold by handing over the document in question to the buyer.
If we turn to double (simple) warehouse certificates, they perform tasks similar to those of a bill of lading in economic circulation. However, if the bill of lading certifies the relationship of transportation, then the warehouse receipts indicate the existence of a relationship for the storage of goods. Thus, double and single warehouse certificates confirm the acceptance of goods for storage (Article 912 of the Civil Code of the Russian Federation).
Unfortunately, there is no legal definition of this security either. Therefore, we use the developments of science civil law. The problem with the conceptual apparatus is aggravated by the fact that the legislator has not introduced a general term to designate the relations in question. The term "warehouse receipt" is only used to refer to one of the types of financial instruments, namely on one of the parts of the double warehouse certificate. Thus, the Civil Code of the Russian Federation distinguishes 1) a simple warehouse certificate, 2) a double warehouse certificate, which, in turn, consists of 3) a warehouse certificate and 4) a pledge certificate - a warrant. Moreover, each of the parts of the double warehouse certificate is also a security. All four named securities have a single legal nature and appointment. A double (simple) warehouse certificate can be defined as a security certifying the conclusion of a warehouse storage agreement, the acceptance of goods into a warehouse, as well as the right of its holder to dispose of goods stored in a warehouse.
The value of warehouse certificates is that they simplify the conclusion of a storage agreement, as they confirm the fact of its completion. Note that warehouse receipts are one of the types of warehouse documents, which means the right of the parties to the storage agreement to certify the existence of contractual relations with a warehouse receipt. Secondly, warehouse receipts are evidence of the transfer of goods for storage. From the moment the warehouse certificate is issued, the responsibility for the safety of the goods passes from the bailor to the custodian. But most importantly, these securities accelerate the turnover of goods in the warehouse, since through the alienation of warehouse certificates, the rights to the goods are transferred in the process of storage. Warehouse receipts in themselves are a commodity, the subject of civil law transactions. The acquisition of a certificate by a third party may pursue the goal of not only obtaining goods on it, but also its further resale as a security (speculative function).
The peculiarity of warehouse certificates, as well as any securities, is that they certify the right to the property embodied in them. tangible asset, respectively, have an external value (its price in the market) and an internal value (the value of a tangible asset).
The legal document regulating the circulation of warehouse certificates is part two of the Civil Code of the Russian Federation (Articles 912-917). Article 142 of the first part of the Civil Code of the Russian Federation, containing a list of securities, does not mention warehouse receipts.
It should be noted that the legal literature indicates the shortcomings and gaps in the legal regulation of commodity securities. 3 .
Let's summarize the above.
2. Characteristics of the bill of lading
The bill of lading as a security is widely used in the carriage of goods by sea. This security is easily wrapped, which makes it very popular. The bill of lading should be attributed to classical securities, since all the characteristics of the security are clearly traced in it.
The bill of lading is in writing. Nevertheless, in world practice, an electronic (uncertificated) form of bills of lading is already used. The legislation does not provide for the mandatory presence of a form, paper quality requirements, or the writing of a bill of lading in a certain language or method, but it is necessary to indicate in it established details. The details of the bill of lading are listed in Article 144 of the RF CTM. These include: 1) the name of the carrier and its location; 2) the name of the port of loading and the date of acceptance of the goods by the carrier at the port of loading; 3) the name of the sender and his location;
The carrier who issues the bill of lading after the cargo has been accepted for carriage is involved in the relations for the circulation of the bill of lading. In this case, it is appropriate to call it an issuer. Requirements for the carrier are contained in the transport legislation. In some cases, its activities are licensed. The second person is the legal holder of the bill of lading, who is entitled to receive the goods at the port of destination by presenting the bill of lading. This is a sign of the presentation of the bill of lading. The original owner (holder) of the bill of lading is the sender, as a rule, the owner of the cargo. This security can be repeatedly alienated along the route of the cargo, therefore its owner has the right, in compliance with the established procedure, to hand over the bill of lading to any other person. The sender must notify the carrier of the transfer of the right to dispose of the goods to the recipient or a third party (Article 149 of the CTM RF).
At the request of the sender, several copies (originals) of the bill of lading may be issued to him, and in each of them the number of originals of the bill of lading is indicated. After the delivery of the cargo on the basis of the first of the submitted originals of the bill of lading, the rest of its originals lose their force (Article 147 of the Civil Code of the Russian Federation).
The bill of lading has three types, depending on the procedure for transferring rights under it - nominal, warrant and bearer (Article 149 of the CTM RF). A registered bill of lading contains the name of the recipient of the cargo (legal holder) as part of the details and is transferred according to the rules for the assignment of the right to claim (cession). An order bill of lading is transferred by making endorsements on it. Accordingly, the legal holder of the bill of lading and the right to receive the goods will have the person in whose favor the last endorsement on the bill of lading itself was made. The bearer bill of lading is transferred by simple delivery, respectively, the right to receive the goods will be with the person who presented such a bill of lading to the carrier. KTM RF does not require confirmation of the title of ownership of the cargo.
Thus, a bill of lading is a documentary, non-issue, basic, domestic, urgent, commodity, private, registered, order or bearer security. The urgent nature of the bill of lading is indicated by its details: it must contain the time and place of issue, as well as the date of receipt of the goods by the carrier at the port of loading. In addition, the bill of lading is a unilateral (issued by one person), causal transaction. The bill of lading confirms the existence of a contract of carriage and follows its fate. However, in the legal literature there are views on the bill of lading as an abstract security. 4 .
In this paragraph, the emphasis was placed on the analysis of the rules on the use of a bill of lading in maritime transport. Considering the July 2012 amendments to the KVVT RF, it is difficult to say what content the bill of lading will have in inland waterway transportation and whether it is possible to use the RF KTM norms for inland waterway transportation by analogy. In our opinion, the bill of lading is a universal security and is applicable to transportation by any mode of transport. Therefore, the norms on the bill of lading from the KTM RF and KVVT RF should be moved to a common document, the role of which can be played by Part 2 of the Civil Code of the Russian Federation - Chapter 40 "Transportation".
Let's highlight the main thing.
A bill of lading is a non-revenue, documentary, non-issue, main, domestic, urgent, commodity, private, registered, order or bearer security, unilateral, causal transaction. § 3. Characteristics of double and simple warehouse receipts
Warehouse receipts received the status of securities for the first time in part two of the Civil Code of the Russian Federation. As mentioned, the Civil Code of the Russian Federation distinguishes between double and single warehouse receipts. A warehouse receipt is issued by a warehouse confirming the conclusion of an agreement for the storage and acceptance of goods. Wherein this document may be the only evidence of a contractual relationship. Its advantage over other warehouse documents is that this security makes it possible to simplify the sale, any other disposal of goods during their storage. For example, a warehouse receipt may be pledged to secure the proper performance of obligations by the debtor-owner of the certificate under loan agreement, under a contract of sale, etc. When pledging goods, this is noted on the warehouse certificate.
In the relations for the turnover of warehouse receipts, the following are involved: - the warehouse that issues the certificate (conditionally - the issuer), and the holder of the warehouse certificate. A commodity warehouse is an organization that carries out as entrepreneurial activity storage of goods and provision of services related to storage. Accordingly, only business entities can be issuers of these securities. There are no special requirements for holders (owners) of certificates of the Civil Code of the Russian Federation. As a rule, the bailor himself acts as the first holder of the certificate. Warehouse receipts, like other titles of title, are not "certificates of title" to goods.
Warehouse certificates are drawn up in writing; forms and samples of certificates are not provided for by law. However, articles 913, 917 of the Civil Code of the Russian Federation list required details these securities, in the absence of which the issued document will not have the effect of a warehouse receipt.
Warehouse receipts are non-issue securities and are not subject to the regulation of the Federal Law “On the Securities Market”. The issue of such securities is not subject to any certification by the state. Also, the considered instruments are classified as documentary, domestic, basic, commodity, private securities. Warehouse certificates should be classified as term securities, since the rights and obligations under the storage agreement, which they certify, are of an urgent nature. Among the details of the certificates, the period for which the goods were accepted for storage is indicated. Accordingly, the rights under this security must be exercised within a specified period. The warehouse certificate does not imply the provision of any bonuses (interest) to its holder, respectively, it refers to a non-yielding security.
From the point of view of the classification of warehouse receipts as a type of transactions, these papers are causal, unilateral transactions.
Double and single warehouse receipts have the same nature, however, there are differences in their legal regime. A double warehouse certificate is a security consisting of two parts - a warehouse certificate and a pledge certificate, each of which is a security (Article 912 of the Civil Code of the Russian Federation). The pledge certificate is called a "warrant". Warehouse and pledge certificates for the same goods may have different owners. In this case, the scope of the rights of the latter is not the same. The warehouse certificate holder has the right to dispose of the goods transferred for storage, but cannot take them from the warehouse until the loan issued under the pledge certificate is repaid. A pledge certificate is a confirmation that the goods are pledged to its holder. Thus, the holder of the pledge certificate has the right to pledge the goods in the amount of the loan issued under the pledge certificate and interest on it (Article 914 of the Civil Code of the Russian Federation). That is, the holder of the pledge certificate is the pledge holder of the goods in storage. Thus, it is possible to receive the goods in the warehouse only upon presentation of the warehouse certificate and the pledge certificate at the same time, or, according to the warehouse certificate, at the same time presenting a receipt for payment of the entire amount of the debt under the pledge certificate. If the goods warehouse returns the goods without payment of the debt, it will be liable to the holder of the pledge certificate for payment of the entire amount (clause 3 of article 916 of the Civil Code of the Russian Federation).
The details of the warehouse certificate include: 1) the name and location of the warehouse that accepted the goods for storage; 2) the current number of the warehouse certificate according to the warehouse register; 3) name legal entity or the name of the citizen from whom the goods were accepted for storage, as well as the location (place of residence) of the goods owner; 4) the name and quantity of the goods accepted for storage - the number of units and (or) cargo items and (or) the measure (weight, volume) of the goods;
Both parts of a double warehouse receipt are order securities. Rights under them are transferred by making an endorsement - endorsement. An endorsement might look like this: "Handed over (to whom)
Endorser, (by whom) - an endorser. Transfer date. Signature stamp
endorser."
A simple warehouse receipt has one part. The holder of the named document has the right to dispose of the goods stored in the warehouse in full. The same details are entered in a simple warehouse certificate as in a double warehouse certificate, except for the name of the person from whom the goods were received and the location of its owner (Article 917 of the Civil Code of the Russian Federation). This is explained by the fact that a simple warehouse receipt is a security issued to the bearer. Accordingly, the receipt, sale of goods, etc. are possible only by delivery of this security.
Based on the foregoing, we highlight the main ideas.
Literature
Belov V.A. Securities in Russian civil law: Tutorial at a special rate: In 2 vols. 2nd ed., revised. and additional M., 2007.
Burkova A.Yu. warehouse documents. // Law and economics. 2009. No. 9.
Gabov A.V. Securities: issues of theory and legal regulation of the market. M.: Statute. 2011.
Gudkov F.A. Warehouse and pledge certificates. M.: BDC-press. 2002.
Kokin A.S. Bill of lading: legal aspects. M., 1987
Kokin A.S. Commodity papers in trade turnover. M., 2000.
Kotelevskaya AA Some issues of legal regulation of double and single warehouse certificates. Actual problems civil law: Collection of articles. Issue. 10. M., 2006.
Makarova N.V. Bill of lading in international shipping. // International Bank operations. 2009. No. 4. pp. 55 - 64.
Rothko S.V. Bill of lading in Russian and foreign legislation. // International public and private law. 2011. №1. pp. 44 - 46.
Rothko S.V., YES. Timoshenko. Warehouse certificate as a title security. // Modern law. 2009. No. 2.
Civil Code of the Russian Federation. Part one. // Collection of Legislation of the Russian Federation, 1994, No. 32, Art. Art. 3301.
Civil Code of the Russian Federation. Part two. // Collection of Legislation of the Russian Federation, 1996, No. 5, Art. 410.
Merchant Shipping Code of the Russian Federation. // Collection of Legislation of the Russian Federation, 1999, No. 18, Art. 2207.
Code of Inland Water Transport of the Russian Federation. // Collection of Legislation of the Russian Federation, 2001, No. 11, art. 1001.
Federal Law No. 17-FZ of January 6, 1999 "On the accession of the Russian Federation to the protocol amending the international convention on the unification of certain rules on bills of lading of August 25, 1924, as amended by the protocol of February 23, 1968." // Collection of Legislation of the Russian Federation, 1999, No. 2, art. 244.
1 Collection of Legislation of the Russian Federation, 2001, No. 11, Art. 1001.
2 Collection of Legislation of the Russian Federation, 1999, No. 2, Art. 244.
See, for example, F.A. Gudkov Warehouse and pledge certificates. M.: BDC-press. 2002; A.S. Kokin. Commodity papers in trade turnover. M., 2000; A. A. Kotelevskaya. Some issues of legal regulation of double and single warehouse receipts. Actual problems of civil law: Collection of articles. Issue. 10. M. 2006; S.V. Rothko. Bill of lading in Russian and foreign legislation. // International public and private law. 2011. №1. pp. 44 - 46; S.V. Rothko, D.A. Timoshenko. Warehouse certificate as a title security. // Modern law. 2009. No. 2.
4 See Commentary on the Civil Code of the Russian Federation. Part one: textbook-practical. commentary (by article) / E.N. Abramova, N.N. Averchenko, Yu.V. Baigusheva and others; ed. A.P. Sergeev. M.: Prospect. 2010, p. 173.
commodity
documents giving their holder
property rights. to commodities
papers fixing material
the rights of their owners,
property rights are
bills of lading (waybills), warehouse certificates. special
place among securities is occupied
shares that confer both monetary and property rights.
Papers Mn.- 1. open. Personal documents certifying birth, place of residence, place of work, etc. // Handwritten or printed texts, archival materials (letters, drafts, ........
Explanatory Dictionary of Efremova
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Active Securities- - securities that are the object of mass purchase and sale, quotes of which are often published.
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Undocumented Securities- - securities fixed in the memory of a computer or in any other similar way. To B. c. b. the rules established for securities shall apply, unless otherwise follows from the specifics........
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Bearer papers- - a type of securities that legitimize their holders by their simple presentation. Any person who presents B. on the item will be authorized under it, i.e..........
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Bearer Securities (Bearer Securities)- - a type of securities characterized by the fact that they legitimize their holders by simple presentation. Any person who has presented B. on the item may demand from ........
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Guaranteed Securities— - stocks and bonds joint-stock companies for which the government guarantees the regular payment of income - dividends, interest, if for some reason this is not ........
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Hybrid Securities- - securities in the form of bonds, which can simultaneously be used as preferred cumulative shares.
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State Securities- - bonds, treasury bills and other government obligations issued by central governments, local authorities in order to cover the budget ........
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Gold Edged Securities- - English government securities, traditionally issued with a gold edge (border).
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Figurative Trademarks- Figurative - in the form of images of living beings, objects, natural and other objects, figures of any shape, compositions of lines, spots, figures on a plane, as well as words, ........
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Registered Securities- Securities are registered in the event that the registration of the name of the owner by the issuer is necessary for the implementation of property rights associated with their possession or ........
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Registered Issue Securities- - according to the Federal Law "On the Securities Market" dated April 22, 1996, issuance securities, information about the owners of which must be available to the issuer and contained in the register........
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Investment Securities- - any securities, with the exception of securities issued by subsidiaries, in which 50 percent or more of the voting shares belong to the issuer. Application........
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Commercial Papers— - obligations of companies not backed by special collateral.
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Convertible Securities- - securities (bonds or preferred shares) that can be exchanged for others (usually for ordinary shares) at a fixed price or in a fixed proportion.
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International Commodity Nomenclatures- - lists of goods compiled in accordance with k.-l. classification system. For the classification of goods in world trade, the following nomenclatures are accepted: Standard ........
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International Commodity Agreements- - international treaties, the purpose of which is to regulate the world markets for certain goods. M.t.s. promote trade, prevent the emergence of ........
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Municipal Securities— - bonds, housing certificates and other securities issued by local governments. Federal Law No. 126-FZ of September 25, 1997, Art. 1
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Securities Tax— -1) tax levied on issuers of shares, bonds and other securities, levied on joint-stock companies. Rates are set, as a rule, depending on the type of securities.
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Undated Securities- - government securities without a maturity date.
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Non-Marketable Securities- - government securities, which, according to the terms of issue, are not circulated on a free stock market and cannot be transferred by the owners to other persons.
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Floating Securities— 1) securities purchased for quick resale and registered in the name of a broker; 2) shares of the company in free circulation; 3) unsold new securities.
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Interest-bearing Notes — - debentures on which the debtor pays the creditor interest on the loan.
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Retractive Securities- - bonds or preferred shares that can be presented to the issuer within a certain period of time for their redemption on predetermined conditions.
Law Dictionary
is a security as a fictitious commodity. It is a substitute for a commodity, evidence of ownership of a temporarily alienated thing, which can circulate on the market instead of the thing itself.
A commodity security is a form of existence of a simple commodity loan relationship as a security. Its legal types are warehouse receipts and bills of lading.
The temporary alienation of a thing as a simple commodity, fixed by issuing it to the owner of a security, is the establishment of a special value relationship between the issuer and the investor. In accordance with this relation, the issuer of a commodity security receives at his disposal the commodity only as a thing, i.e., he only affects the use-value of the commodity, while the owner of a commodity security receives at his disposal the value of the commodity, but only, of course, not directly. since value cannot be separated from the thing, but in the form of a security, that is, as a fictitious value.
The commodity form of a security makes it possible to separate the use value of a commodity from its value, as a result of which, in the form of a security, the value of the commodity begins to circulate separately between market participants without the physical transfer of the commodity itself between them, i.e., without the circulation of its use value.
cash security - this is a security as a substitute for money, a kind of evidence of ownership of a certain amount of temporarily alienated money, which can perform the payment function of money. A monetary security is a form of existence of a simple monetary loan relationship. Its legal types are checks and bills of exchange. The essence of a monetary security is the splitting of the functions of a certain amount of money between the issuer of the security and its owner. This is done in such a way that the money remains with the issuer only as a source of a cash loan, and the money appears with the owner of the security only as a means of purchase and payment (settlements). In other words, in the form of a monetary security, the payment and settlement function of money is relatively isolated from their use as a loan. A monetary security is a type of credit money. A monetary security is a market form of existence of the payment and settlement function of money, relatively isolated from other functions of money.
Differences between a monetary security and a commodity security:
Commodity securities are understood to be securities that embody the rights of obligations for goods, works and services, and serve the circulation of the named objects of civil rights. Commodity securities are a generic category that has only scientific application and is not found in legislation. Currently, this term combines the following securities - bill of lading, double and simple warehouse receipts. These securities are classified as documents of title, the transfer of which is equivalent to the transfer of the goods they represent.
There is no legal definition of a bill of lading in Russian law. It is mentioned as a security in the Civil Code of the Russian Federation. In Article 142 of the Code, the document in question is listed in the list of securities. Article 785 of the second part of the Civil Code of the Russian Federation states that the bill of lading confirms the conclusion of a contract for the carriage of goods in cases provided for by the relevant transport charter. If we turn to the transport legislation, then the bill of lading is used only in the relations of sea and inland waterway transportation of goods. Thus, Article 117 of the Merchant Shipping Code of the Russian Federation states that the existence and content of a contract for the carriage of goods by sea can be confirmed by a charter, bill of lading or other written evidence. Amendments made in July 2012 to the Code of Inland Water Transport of the Russian Federation (hereinafter referred to as the IWTC of the Russian Federation) for the first time provide for the possibility of using a bill of lading in inland water transportation of goods Collection of Legislation of the Russian Federation, 2001, No. 11, Art. 1001.. The bill of lading is mentioned only in Article 67 of the RF CMTC. It says that the parties to the contract for the carriage of goods have the right to provide for the use of a bill of lading as a transport document issued by the carrier. However, the legislator limited himself to this, which can create significant difficulties in applying this rule.
Thus, the legal basis for the circulation of bills of lading are:
Based on the analysis of these documents, as well as legal literature, a bill of lading can be defined as a security certifying the conclusion of a contract for the carriage of goods by sea or inland waterways, as well as the right of its holder to dispose of the goods specified in the bill of lading and receive the goods after the completion of the carriage.
The bill of lading in the economic turnover performs the following functions. Firstly, the bill of lading is evidence of the conclusion of a contract for the carriage of goods by sea (inland waterway), but does not replace it. It should be remembered that the bill of lading does not always accompany transportation, it is issued at the request of the sender.
Secondly, this security is proof of acceptance of the goods by the carrier. Thirdly, it simplifies the procedures for the transfer and receipt of cargo. The latter is manifested in the fact that it is enough to present a bill of lading at the port of destination for the cargo to be accepted by the recipient. In addition, the paper in question facilitates the change of the owner of the cargo during its transportation. Thus, for example, goods in transit can be sold by handing over the document in question to the buyer.
If we turn to double (simple) warehouse certificates, they perform tasks similar to those of a bill of lading in economic circulation. However, if the bill of lading certifies the relationship of transportation, then the warehouse receipts indicate the existence of a relationship for the storage of goods. Thus, double and single warehouse certificates confirm the acceptance of goods for storage (Article 912 of the Civil Code of the Russian Federation).
Unfortunately, there is no legal definition of this security either. Therefore, we will use the developments of the science of civil law. The problem with the conceptual apparatus is aggravated by the fact that the legislator has not introduced a general term to designate the relations in question. The term "warehouse receipt" is used only to indicate one of the types of financial instruments in question, namely one of the parts of a double warehouse receipt. Thus, the Civil Code of the Russian Federation distinguishes 1) a simple warehouse certificate, 2) a double warehouse certificate, which, in turn, consists of 3) a warehouse certificate and 4) a pledge certificate - a warrant. Moreover, each of the parts of the double warehouse certificate is also a security. All four named securities have the same legal nature and purpose. A double (simple) warehouse certificate can be defined as a security certifying the conclusion of a warehouse storage agreement, the acceptance of goods into a warehouse, as well as the right of its holder to dispose of goods stored in a warehouse.
The value of warehouse certificates is that they simplify the conclusion of a storage agreement, as they confirm the fact of its completion. Note that warehouse receipts are one of the types of warehouse documents, which means the right of the parties to the storage agreement to certify the existence of contractual relations with a warehouse receipt. Secondly, warehouse receipts are evidence of the transfer of goods for storage. From the moment the warehouse certificate is issued, the responsibility for the safety of the goods passes from the bailor to the custodian. But most importantly, these securities accelerate the turnover of goods in the warehouse, since through the alienation of warehouse certificates, the rights to the goods are transferred in the process of storage. Warehouse receipts in themselves are a commodity, the subject of civil law transactions. The acquisition of a certificate by a third party may pursue the goal of not only obtaining goods on it, but also its further resale as a security (speculative function).
The peculiarity of warehouse certificates, like any securities, is that they certify the right to the tangible asset embodied in them, respectively, have an external value (its price in the market) and an internal value (the value of a tangible asset).
The legal document regulating the circulation of warehouse certificates is part two of the Civil Code of the Russian Federation (Articles 912-917). Article 142 of the first part of the Civil Code of the Russian Federation, containing a list of securities, does not mention warehouse receipts.
It should be noted that the legal literature indicates the shortcomings and gaps in the legal regulation of commodity securities. See, for example, F.A. Gudkov Warehouse and pledge certificates. M.: BDC-press. 2002; A.S. Kokin. Commodity papers in trade turnover. M., 2000; A. A. Kotelevskaya. Some issues of legal regulation of double and single warehouse receipts. Actual problems of civil law: Collection of articles. Issue. 10. M. 2006; S.V. Rothko. Bill of lading in Russian and foreign legislation. // International public and private law. 2011. №1. pp. 44 - 46; S.V. Rothko, D.A. Timoshenko. Warehouse certificate as a title security. // Modern law. 2009. №2..
Let's summarize the above.
