Some Aspects of Regulating Security Rights in Movable Property

  • Bibliographic Description: Janina Stripeikienė, „Kilnojamojo turto įkeitimo reglamentavimo aspektai“, @eitis (lt), 2021, t. 1 657, ISSN 2424-421X.
  • Previous Edition: Janina Stripeikienė, „Kilnojamojo turto įkeitimo reglamentavimo aspektai“, Jurisprudencija, 2006, t. 10 (88), p. 65–70, ISSN 1392-6195.
  • Institutional Affiliation: Lietuvos Aukščiausiasis Teismas, Mykolo Romerio universiteto Teisės fakulteto Civilinės ir komercinės teisės katedra.

Summary. Warehouses not only serve the purpose of ensuring the safekeeping of goods transferred therein, they also enable the participation of such goods in the market during the period of their storage. Such a function cannot be performed by every warehouse, it is possible only at the so-called logistic centers. The term “goods” is used to express not the type of the warehouse, but its purpose. By the way of the storage of goods, warehouses ensure both their participation in the market and a possibility for their future disposal. In order to achieve this purpose, warehouse warrants have been introduced. Warehouse warrants confirm the conclusion of a contract for the storage of goods, which is a type of a contract for deposit. At the same time, those documents enable the commodities under storage in the warehouses to be used profitably in credit relationships, i.e. in acquiring a loan by using warehouse warrants as collateral for the commodities, as well as by mortgaging the warrants themselves as securities. A warehouse warrant conforms to the value of the commodity under storage and makes it possible to be used instead of the commodity in order to ensure the circulation of commodities while they are stored in the warehouse. Such documents representing/certifying commodities facilitate and expedite the conclusion of contracts, therefore, to some extent they can be seen as performing an organizational function – to facilitate market circulation. A warehouse warrant is a unique kind of document in the sense that it has a dual legal nature: it is a security and at the same time it is also a document to certify the right to dispose of the commodities, therefore its transfer is equivalent to a transfer of commodities themselves.

Keywords: security rights, movable property, warehouse warrants, warehousing, collateral, transfer.