Trust Receipts

A note published in 1927 expressed the hope that the course of legal development in the state of Washington would result in recognition of the trust receipt as "an' instrument sui generis, perfectly effective within its limits." Recent doubts as to the fulfilment of this hope make it desirable to examine the question more closely. The purpose of the present paper therefore is to inquire into the function of the trust receipt as an instrument of the law merchant, and to determine if possible how that function may be most satisfactorily exercised under existing conditions.