Article 248 of Commercial Code

1- Endorsement of the pledge warrant separately from the storage receipt shall create a pledge over the goods in favor of the endorsee. 2- Endorsement of the storage receipt shall transfer the right to dispose of the goods to the endorsee. If the pledge warrant is not endorsed together with the storage receipt, the person to whom that receipt is endorsed must pay the debt secured by the pledge warrant or enable the pledgee creditor to recover his entitlement from the price of the goods.