Section 9 in The Warehousing Development and Regulatory Authority (Electronic Negotiable Warehouse Receipts) Regulations, 2017
9. Pledge of electronic negotiable warehouse receipts and removal of pledge.
(1)The repository shall mark a pledge on the electronic negotiable warehouse receipt in favour of the pledgee upon being instructed to do so by both the holder of the electronic negotiable warehouse receipt and the pledgee.(2)The pledgor and the pledgee shall provide such information through electronic means as the repository may require to indicate that an electronic negotiable warehouse receipt has been pledged.(3)The repository shall intimate the pledgor, the pledgee and the warehouseman about the pledge, through electronic means, mobile applications or such other means as may be laid down by the Authority.(4)The pledgee shall have a lien on the electronic negotiable warehouse receipt for the duration of such pledge.(5)The warehouseman shall not deliver the underlying goods from the warehouse where a pledge exists on the electronic negotiable warehouse receipt.(6)The repository shall remove the pledge from a pledged electronic negotiable warehouse receipt upon instruction by the pledgee.Chapter - IV Miscellaneous
