Notice of Intent to Exercise Warehouse Lien by Auction
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FAQ
"Document of title" includes bill of lading, dock warrant, dock re- ceipt, warehouse receipt or order for the delivery of goods, and also any other document which in the regular course of business or financing is treated as adequately evidencing that the person in possession of it is entitled to receive, hold and
Section 7-209(1) of the UCC provides that a warehouser has a lien on goods covered by a warehouse receipt to recover the following charges and expenses: charges for storage or transportation, insurance, labor, and expenses necessary to preserve the goods.
The Uniform Commercial Code regulates the sale of goods. However, there are a few sales situations that the UCC does not include under its code regulations. The UCC only includes the sales from merchants with specialized knowledge. Any sales between two private parties would not be included in the UCC requirements.
Storage unit auctions are the last resort facility owners undertake when these situations arise. When the tenant doesn't pay their monthly dues or has simply just abandoned the unit, the self-storage company has the right to sell the contents of the unit in a public auction to the highest bidder.
A document used to acknowledge the receipt of a shipment of goods is known as a bill of lading. A transportation company or carrier issues a bill of lading to a shipper. A bill of lading acknowledges the receipt of goods.
Article 7 of the Uniform Commercial Code (the "UCC") governs documents of title covering goods. It focuses primarily on rights in goods held by a bailee during the storage and shipment thereof and the transfer of such rights.