“Field warehousing is a way of bringing about the security relationship of a pledge. It is an arrangement for allowing the pledgor a more convenient access to the pledged goods, while the goods are actually in the custody and control of a third person on the pledgor’s premises.” Business Factors, Inc. v. Taylor–Edwards Warehouse & Transfer Co., 585 P.2d 825, 828 (Wash. Ct. App. 1978).
“Field warehousing is … an arrangement whereby a wholesaler, manufacturer, or merchant finances his business through the pledge of goods remaining on his premises. The arrangement is valid and effective where there is an actual delivery to the warehouseman by the bailor who has hired the warehouseman and given him exclusive possession of the warehouse goods.” In re Covington Grain Co., 638 F.2d 1362, 1365 (5th Cir. 1981).
