On 26 June 2024, the UNCITRAL/UNIDROIT Model Law on Warehouse Receipts was adopted by the United Nations Commission on International Trade Law (UNCITRAL) at its 57th session in New York. The Model Law was developed as a joint project of UNCITRAL and the International Institute for the Unification of Private Law (UNIDROIT), and its text had already received the approval of the UNIDROIT Governing Council at its 103rd session on 8-10 May 2024.
The Model Law provides a legal framework that covers the private law aspects of a warehouse receipt system for adoption by States seeking to reform their legislation in this area. As with all UNCITRAL and UNIDROIT instruments, the Model Law is compatible with different legal and economic systems.
Importantly, the Model Law contemplates the issuance and transfer of both paper-based and electronic warehouse receipts on a medium-neutral and technology-neutral basis. This allows the use of central registries, distributed ledgers, platforms and other technologies for managing the electronic warehouse receipts.
The Model Law is accompanied by a Guide to Enactment, including commentaries on the model provisions as well as guidance on complementary legislation necessary to implement the Model Law.
The Model Law was developed over a three-year period in two phases. First, UNIDROIT led the joint preparatory work through a UNIDROIT Working Group, developing a first comprehensive draft for a Model Law on Warehouse Receipts over the period 2020-2023. Once completed, the draft Model Law was submitted for intergovernmental negotiations through UNCITRAL Working Group I in 2023/2024.
The text of the UNCITRAL/UNIDROIT Model Law on Warehouse Receipts, as adopted by the Commission, together with complementary information will be available for download on the UNIDROIT website (https://www.unidroit.org/instruments/) and on the UNCITRAL texts webpage (https://uncitral.un.org/texts). It will also be included as an annex to the annual report of UNCITRAL.