Draft UNCITRAL/UNIDROIT Model Law on Warehouse Receipts considered by UNCITRAL Working Group I

On 25-29 September 2023, the draft UNCITRAL/UNIDROIT Model Law on Warehouse Receipts was discussed over five consecutive days by delegates and observers of UNCITRAL Working Group I in Vienna. UNIDROIT was represented in the Working Group by Legal Officer Philine Wehling, who provided background information on the process and considerations during the preparation of the draft Model Law text by the UNIDROIT Working Group over the period 2020-2022.

Delegates and observers expressed their appreciation for the text prepared by the UNIDROIT Working Group and discussed the text article by article. As a next step, the UNCITRAL Secretariat will incorporate the outcome of the discussions in the Model Law text, before the text will be submitted again to Working Group I for consideration at its next meeting in February 2024 in New York.

The purpose of the Model Law is to assist States in developing a modern warehouse receipt law supporting the issuance and transfer of both electronic and paper-based receipts. The Model Law is intended to be useful to States that currently do not have enabling warehouse receipt laws, as well as to States that already have such laws but wish to modernise them – for instance to support the use of electronic warehouse receipts.

Further information on the joint project and on the preparation of the draft Model Law can be found at: https://www.unidroit.org/work-in-progress/model-law-on-warehouse-receipts/

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