law: The Warehousing (Development and Regulation) Act, 2007
  12. Negotiability of
  
  warehouse receipts. -
  1.  The
  
  words in a negotiable warehouse receipt limiting its negotiability shall be
  
  void.
  2.  A
  
  warehouseman who issues a non-negotiable warehouse receipt shall cause to be
  
  plainly marked upon its face the words "non-negotiable" or "not
  
  negotiable" in English or in the language in which it is issued.
  3.  In
  
  case of non-compliance of sub-section (2), a holder of the warehouse receipt
  
  who purchases it for valuable consideration believing it to be a negotiable
  
  warehouse receipt may, at his option, treat the receipt as vesting in him all
  
  rights attaching to a negotiable warehouse receipt and imposing upon the
  
  warehouseman the same liabilities which he would have incurred had the receipt
  
  been a negotiable warehouse receipt and the warehouseman shall be liable
  
  accordingly.
  4.    A
  
  negotiable warehouse receipt shall be valid for delivery till the date of
  
  expiry of the declared shelf-life of the goods for which it is issued.