On 5-9 February 2024, the draft UNCITRAL/UNIDROIT Model Law on Warehouse Receipts with the draft Guide to Enactment were discussed by delegates and observers of UNCITRAL Working Group I during its 41st session at the UN Headquarters in New York. UNIDROIT was represented by Legal Officer Philine Wehling, who had led the preparation of the draft texts by the UNIDROIT Working Group.
Delegates and observers considered the draft Model Law and Guide to Enactment, and approved both texts, subject to modifications agreed upon during the meeting, for submission to the UNCITRAL Commission for adoption in June 2024.
The purpose of the Model Law and its accompanying Guide is to assist States in developing state-of-the-art warehouse receipt legislation supporting the issuance and transfer of both electronic and paper-based receipts. The Model Law is intended to guide States that currently do not have enabling warehouse receipt laws, as well as to States that already have such laws but seek to modernise them – for instance to support the use of electronic warehouse receipts.
Further information on the joint project can be found at: https://www.unidroit.org/work-in-progress/model-law-on-warehouse-receipts/