Receipt
Received in apparent good order and condition, for storage at the terminal named above, the goods described below — to be delivered to the ORDER OF the party named below, or to such party as this receipt may be endorsed, upon its surrender duly endorsed and against payment of all accrued charges. Deliver to the order of — Nordland Commodities GmbH
| Marks & tank | Quantity | Description of goods | Condition & quality |
|---|---|---|---|
| Tank T-14 Batch 26-0314 |
2,000.000 MT ±0.5% by tank gauge |
Mono-ethylene glycol (MEG)Fibre grade · bulk liquid · stored segregated | Sound — in apparent good order SGS-RTM-2026-08841 · COA on file |
Auto-calculated each reprice from the Argus MEG assessment (CFR NWE) as the reference benchmark. Valuation model and advance rate independently validated by Drum Risk Advisory; the stamped value is indicative collateral, not a transaction price.
Receipt issued to the depositor's order
The warehouse operator acknowledges receipt of the goods and issues this negotiable receipt to the order of Nordland Commodities GmbH, holding the goods in custody for the holder of this receipt for the time being.
The warehouse confirms it is holding the cargo, and that whoever lawfully holds this receipt holds title to it — without the goods ever moving.
Endorsed to the bank's order, by way of pledge
For value received, the holder hereby delivers and endorses this receipt to the order of Rheinkredit Handelsfinanz GmbH by way of a first-priority pledge, as security for facility no. RHF-2026-0488. The pledgee takes control of the electronic record on the register; the goods remain in custody at the terminal.
The borrower hands the receipt to the bank as collateral. The bank now controls the only authoritative copy — so it can lend against goods it can verify, without taking them physically.
Re-delivery on repayment, or delivery against payment
On discharge of the secured facility, the receipt is re-endorsed to the order of the depositor; or, on the depositor's instruction, delivered to a buyer against payment (DvP), at which point title and the goods pass together on settlement.
When the loan is repaid the receipt returns to the borrower — or, if the cargo is sold, the buyer only gets title once the money is in. No one is left holding an empty claim.
Singularity: only one authoritative copy of this receipt exists at any time; each endorsement supersedes the prior sealed state. Possession of a superseded copy confers no title. The goods are released only against surrender of the active receipt, duly endorsed, or against a delivery-versus-payment instruction executed on the register.