Under the UCC, a warehouse receipt

a. Will not be negotiable if it contains a contractual limitation on the warehouseman’s liability.

b. May qualify as both a negotiable warehouse receipt and negotiable commercial paper if the instrument is payable either in cash or by the delivery of goods.

c. May be issued only by a bonded and licensed warehouseman.

d. Is negotiable if by its terms the goods are to be delivered to bearer or the order of a named person.