Qatar Trade Law No. 27/2006 Thursday, 23 June 2011 00:52

The depositor shall receive from the treasurer a receipt of storage showing the name of the depositor and his homeland, type of goods, quantity, all necessary data to set the identity and value of the goods, name of the store, name of the insurance company, type of insurance, beneficiary of the insurance and the statement of payment of due fees and taxes.

The receipt of storage and mortgage instrument that includes all data recorded in the receipt of storage shall be attached.

The public store shall keep a certified copy of the receipt of storage and mortgage instrument.

If the goods of which the receipt of storage and mortgage instrument has been received is one of the exchangeable things, it may be replaced by goods of its nature, type and character if provided for in the receipt of storage and mortgage instrument. In this case all rights of the bearer of the receipt or instrument and his privileges are transferred to the new goods.

The receipt of the storage and mortgage instrument can be issued for the quantity of fungible goods

The receipt of the storage and mortgage instrument can be issued in the name of the depositor or to his order.

If the receipt of storage and mortgage instrument is to the order of the depositor, he may waive them together or separately by the endorsement.

The endorsee of the receipt of storage or mortgage instrument shall demand to record the endorsement with a statement of his homeland in the picture that is kept in the store.

The endorsement of a mortgage instrument separate from the receipt of storage shall result in a report of the mortgage of goods in favour of the endorsee.

The endorsement of the receipt of storage follows the transfer of ownership of the goods to the endorsee. If the mortgage instrument has been endorsed for another person, the ownership of the goods shall transfer to the endorsee of the receipt of storage loaded with mortgages. In such case the endorsee of the receipt of storage is committed to pay the debt secured with the instrument of mortgage, otherwise the mortgage creditor can get his right from the price of the goods.

The endorsement of the receipt of storage and mortgage instrument should be dated.

If the mortgage instrument has been endorsed separately from the receipt of the storage, the endorsement along with its history must include the statement of the amount of secured debt, maturity date, name of the creditor, his profession, his homeland and the signature endorser.

The endorsee without any delay must demand to record the endorsement of mortgage instrument and the relevant data in the registers of the store and indicate the instrument of mortgage.

The person, who holds the receipt of storage separate from the instrument of mortgage, can pay the debt secured by this instrument, even before the maturity date. If the bearer of the instrument of mortgage failed to pay or the payment was refused before the maturity date, the bearer of the receipt of storage can deposit debt and its expenses until the maturity date at the treasurer who shall be responsible for the goods and this deposit shall follow the release of the goods.

If the secured debt is not paid at maturity, the bearer of the mortgage instrument separate from the receipt of storage can request to sell the mortgaged goods following the implementation procedures for mortgage business.

The mortgage creditor shall take his right from the price of the goods having the privilege over all creditors after deducting the following amounts:

1. Taxes and free due on the goods.

2. Judicial expenses.

3. Expenses of sale and storage of goods and other expenses of protection.

If the bearer of the receipt of storage is not present at the time of sale of goods, the amount which is more than the dues of bearer of mortgage instrument shall be deposited in the treasury of the court.

The bearer of the mortgage instrument can go back to the current mortgage debtor or the endorsers only after the execution of the mortgaged goods and in case of its inadequate price to pay the debt.

The bearer must go back to the endorsers within ten days from the date of sale of the goods; otherwise the bearer’s right to go back to them shall be prescribed.

In all cases, the right of the bearer of mortgage instrument to refer to the endorsers shall be prescribed if he did not initiate the procedures for the execution of the mortgaged goods within thirty days from the date of maturity of the debt.