Continental Trust Co. v. Bank of Harrison

Originally, warehouse receipts were not by our statute authorized to be pledged as collateral; but by the act of *760October 3, 1887, such receipts were expressly made a subject of pledge. Acts 1887, p. 36; Civil Code (1910), § 3528; Citizens Banking Co. v. Peacock, 103 Ga. 171, 178 (29 S. E. 752). A warehouse receipt is a mere symbol of property. It is a shadow of the absent substance. When it passes from one hand to another, it is only symbolic of the- property is represents. If it represents no property, its holder has nothing but a scrap of paper. Planters Rice Mill Co. v. Merchants Nat.…