What you own, and how it is held.

What the client legally purchases

When you acquire a cask through Liquid Asset Partners, you are purchasing a specific, identifiable cask of maturing spirit held in a warehouse. You become the beneficial owner of that cask and its contents, subject to the terms of the warehouse that stores it. The exact legal form of ownership should be confirmed in writing for each transaction.

Cask identification

Every cask is individually identifiable — typically by a unique cask number, alongside details of the distillery, the year of distillation, the cask type and the warehouse in which it is stored. These identifiers tie your ownership to a specific asset rather than a general claim.

Delivery Orders and warehouse records

Ownership can be supported through appropriate documentation and a Delivery Order — an instruction recognised by the warehouse that records the transfer of a cask into your name or account. The warehouse maintains its own records of who holds each cask. Together, these establish and evidence your ownership.

Transfer of ownership

When a cask is bought or sold, ownership is transferred through updated warehouse records and, where used, a Delivery Order. This is how a cask changes hands without the liquid ever leaving bond — an important feature when the time comes to sell.

Private warehouse accounts

Where available, casks can be held within a client’s own private warehouse account, rather than under a broker’s account. This can give you a direct relationship with the warehouse. Availability depends on the warehouse and its terms.

The relationship between client, broker and warehouse

It is worth being clear about the three parties involved. You are the owner of the cask. The warehouse stores it and maintains the records. Liquid Asset Partners acts as your broker — sourcing, advising and facilitating — but your ownership of the cask is independent of us.

What documents you should expect

• A record or certificate identifying your cask by number and detail.
• A Delivery Order or equivalent, where applicable to the transaction.
• Confirmation of the warehouse holding the cask and the account it sits under.
• Storage and insurance terms applicable to the cask while in bond.

The precise documents will depend on the warehouse and the nature of the acquisition. We will explain what you should receive before you proceed.

Beneficial ownership versus warehouse registration

Beneficial ownership means you are the true owner and beneficiary of the cask and its contents. Warehouse registration is the record the warehouse holds of who owns each cask. In a properly documented purchase these align — you are both the beneficial owner and the registered holder. Understanding the distinction helps you check that your ownership is correctly recorded.