ARTICLE 1507 Article 1507 talks about documents of titles to goods A document of title in which it is stated that the goods referred to therein will be delivered to the bearer, or to the order of any person named in such document is a negotiable document of title. Bearer ibig sabihin po ay kung sino man ang may hawak ng negotiable document title sa kanya idedeliver. Ang bailee naman po ay person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. Ang warehouse receipt yan ang iissue ng warehouse man. For example, meron po akong goods ipinatabi ko sa isang warehouse ako po yung seller so ilalagay ko po siya sa warehouse na yun tapos yung warehouse man will issue a warehouse receipt to me, para maclaim yung goods sa warehouse. A person must present a warehouse receipt. Please take note of the definition of a document of a title; it will include a bill of lading, dock warrant, quedan, warehouse receipt or order for the delivery of goods. Next slide Nature and Function of Documents of Title 1. Receipt of, or order upon, a bailee of goods represented. - Here this will refer to goods, not to money. Ito ay mga resibo na ini issue ng bailee. And remember po tulad ng sinabe kop o kanina, kailangan ipresent yung mga documents of title para makumo yung goods na nasa bailee. 2. Evidence of transfer of title and possession of the goods and contract between the parties. - A document of title is symbol of the goods covered it, serving as evidence of transfer of title, So kung yung seller binigay yung document of titles sa buyer meron ng transfer of titles also a transfer of possession and obviously there is a contract between the parties like a seller and buyer, ito rin ay evidence. Most Common Forms of Documents 1. Bill of Lading - It is a contract and a receipt for the transport of goods and their delivery to the person named therein to order or to bearer. It usually involves three persons the carrier, shipper and the consignee. 2. Dock Warrant - It is an instrument given by dock owners to an importer of goods warehoused on the dock. Ito po yung mga nasa port, yung mga sa barko ayun po yung dock warrant. 3. Warehouse Receipt - Ang warehouse man siya po ang nag iisue ng warehouse receipt. Yung warehouse man meron siyang undertaking dun sa warehouse receipt to hold and deliver the said goods to a specified person na mamapag present ng warehouse receipt. - A quedan is a warehouse receipt usually for sugar received by a warehouse man Classes of Documents of title 1. Negotiable document of titles - Yung bill of lading, warehouse receipt etc. you can endorse it or negotiate it to other person. So kung ikaw yung buyer na naghahawak ng document of titles pwede mong ibigay sa iba or inegotiate sa iba, tapos yung taong yun is who will be the one to claim the goods from the warehouse man or bailee. 2. Non-negotiable document of titles - A document of title may also be non-negotiable, this document of title is deliverable only to a specified person. - So kapag negotiable to buyer and or order. Any person who is ordered by the buyer or na tatanggap ng goods ayun ang negotiable document of title. - Kapag non-negotiable to buyer. This cannot be negotiated futher it s the buyer who must receive the goods from the bailee or warehouse man. Next Slide This is a example of negotiable warehouse receipt. So meron po ditong nakalagay na description of goods, so that the goods will be identify. Kailangna din ilagay yug consignee ng goods then dun po sa bandang ibaba dun po ilalagay yung endorsement. Example po To: x , signed: buyer. Yung x nay an again can indorse to another person because it is a negotiable warehouse receipt so yung last indorsee will be the one to claim the goods from the bailee. That all po for our report, thank you.
