Page:Federal Reporter, 1st Series, Volume 2.djvu/183

 lYd FEDERAL REPORTER. �erty stored it in their warehouse, for which a permit had been obtained, as class "B," and issued receipts for the same, and transferred them, through a third person to whom they were issued, to the bank as collateral security for the loan made. �By the actof Mareh 9, 1875, (1 Davis, 1876, p. 927,) public warehouses are divided into two classes, "A" and "B." Any person or incorporation may keep a public warehouse by obtaining a permit from the auditor of the county in which the warehouse is situated. The warehouse shall continue subject to the provisions of the law until the owners shall file a notice in the auditor's office, renouncing the character of public warehousemen. �Class "A" embraces warehouses in which grain is stored in bulk, and that of different owners mixed together. Class "B" embraces warehouses where property o/ any kind is stored for a consideration. �Most of the sections following the tirst and second, to which reference bas been particularly made above, refer to the stor- ing of grain in warehouses of class "A." The fourteenth section of the act declares that receipts for property stored in any class of warehouses shall be negotiable and transferable by the indorsement of the warehouse receipts which are to be given for the property stored, and the indorsement of the party to whom the receipt is given shall constitute a valid transfer of the property. The indorsement is to be deemed a warranty that the indorsee bas a good title and lawful author- ity to sell the property named in the receipt. �AU warehouse receipts for property stored in warehouses of class "B" are to distinetly state on their face the brand or dis- tinguishing mark of the property. �The fourth section of the act provides specifically for the issue of a receipt for property stored in warehouses of class "A." There seems to be no such provision in relation to property stored in warehouses of class "B ; " but the fourteenth section of the act speaks of warehouse receipts for property stored in any class of public warehouses, and includes, of course, elass "B" as well as "A." ,, ^ ����