RECEIPT (OF. recete, recepte, Fr. recette, from ML. recepta, receipt, fern. sg. of Lat. reffp ties. p.p. of recipere, to receive, from re-. hack again, anew + capere, to take). The transaction by which one takes into his possession or custody property delivered to him by another. It is also the technical name for an acknowledgment of the receipt of property executed in writing by one who has taken the property into his possession Or custody.
A written receipt is evidence only of the fact that money or property was received by the per sons executing it. It does not differ in legal ef fect from any other evidence of the fact of receipt, although it may be more conclusive than mere verbal testimony. A written receipt may accord iiTly be explained or contradicted by other evidence and will have no effect if fraudulently procured or untrue in fact. It is owing to its character as evidence that a receipt is to be dis tinguished from a release (q.v.), which operates as a discharge or extinguishment of a legal obli gation. In a few States, however, notably New York, it has been held that a simple receipt, when given with intent to extinguish a debt. would be deemed a gift of the debt although given with out consideration and would thus extinguish the debt. This is anomalous, inasmuch as a receipt is
evidence only and not a contract. A receipt is not subject to the pa rol evidence rule. (See Ext. DENCE. ) It may, however, be incorporated in a con tract. as in the ease of bills of lading (q.v.) or warehouse receipts (q.v.), which may and usually do contain both a receipt for the goods delivered to the carrier or and a contract fixing the terms of the bailment. So far as the bill of lading or warehouse receipt is a contract it. is subject to the parol evidence rule a ml can not be contradicted by oral testimony; hut its effect as a receipt may be explained or contra dicted by such testimony. This rule, however, varies when the bill of lading or warehouse re ceipt has been indorsed to an innocent holder for value. The carrier or warehouseman will then be estoppel to deny the receipt as written. It seems probable that one delivering property or paying money in performance of a legal obligation may not lawfully demand a receipt as a condition of the performance of his obligation. The question, however, is not settled. Receipts are required by statute to be given in some eases. Consult the authorities referred to under CONTRACT.