The system of "field storage warehousing" has been developed to provide a simple but safe means whereby the owner, manufacturer, producer or extractor can obtain credit on goods which cannot be readily moved or mortgaged. Field storage warehousing is fundamentally the same transaction as the pledge discussed above, except that now a bona fide warehouse company takes the place of the pledgee's agent and the pledgee has constructive possession of the goods by virtue of a warehouse receipt instead of actual possession as in an ordinary pledge. Warehouse companies specializing in "field storage warehousing" have developed this security device to such a degree of perfection that the holder of these receipts can rest assured that his loan is legally protected by the field warehouse receipts issued and deposited with him.
The Theory of Field Warehousing,
12 Wash. L. Rev. & St. B.J.
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