A trust receipt can be defined and used in various ways depending on the particular industry involved and the transaction for which the instrument is used.  The trust receipt or trust receipt is a flexible, widely recognized and utilized financial instrument in the financial world. The trust receipt instrument is used by commercial banks and other financial institutions worldwide. It also is accepted and even required for certain transactions by the United States and state and local governments.  The Federal Government recognizes trust receipt as “property,” “property interests,” and “assets”. The Code of Federal Regulations contains no less than twenty two (22) sections referencing this instrument. The Commodity Credit Corporation (CCC) requires the use of an trust receipt for certain transactions. See 7 C.F.R. § 1421.108. A trust receipt is also a “valuable” and a security under the Government Losses In Shipment Act.  See 31 C.F.R. § 362.1. The Environmental Protection Agency has recognized that a security interest arises from a trust receipt transaction. See 57 F.R. 18344-01, 1992 WL 84957.  As for state governments, the Florida Statutes specifically authorize local governments to invest public funds in excess of the amounts needed to meet current expenses using trust receipts pursuant to local policies which are to “place the highest priority on the safety of principal and liquidity of funds.” Fl.  Stat. Ann. § 218.415. Similarly, the Tennessee Board of Regents (see Tennessee Code Annotated 49-8-201 through 49-8-203), in their policy on the deposit and investment of funds, authorize the acceptance of ITRs in lieu of the actual deposit of eligible collateral.  In Addition, all 50 states recognize the trust receipt as giving rise to a valid security interest under Article 9, of the Uniform Commercial Code (UCC), that recognizes these instruments as giving rise to valid security interests. 4 White & Summers, Uniform Commercial Code § 30-1a (5thed.). The UCC replaced and superseded various uniform acts, including the Uniform Trust Receipts Act, addressing individual security devices. See General Comment of National Conference of Commissioners on Uniform State Laws and The American Law Institute, Uniform Commercial Code, and UCC Article § 10-102.  The trust receipt also conforms to recognized protocols for credit and related financial documents. ICC Publication No. 500/600 governs both Letters of Credit and trust receipts.  See ICC Publication No. 500/600, Article 2. The incorporation of the ICC publication No. 500/600’s customs/practices and protections into an trust receipt amounts to an added layer of protection.