Page:United States Statutes at Large Volume 36 Part 1.djvu/332

 308 SIXTY-FIRST CONGRESS. Sess. II. C11. 167. 1910. u !§;yp¤{¤•Y SE(i7;B 40. Viincgmipar NEGUIIATE A RECEIPT.-·A negotiable receipt ma n o ia -— · (g) Bycigie owner thereof; or _ _ (b) By any person to whom the possessmn or cu tody of therecenpt has been intrusted by the owner, 1f, by the terms of the receipt, the warehouseman undertakes to deliver the goods to the order of the inrus ,or a e imeo suc urru cans rr .*1*:  °‘i.°“i“°‘§£'s‘§  sssrsss :::2: form that it may be negotiated by delivery. B*&¤¤¤f*¤¤¤**°*- SEo. 41. Rroms or 1=E1zs0N T0 wnon A RECEH?T ms BEEN NEGo— TIATED.——-A. person glo wlhom a negotiable receipt has been duly n otiated ac uires there —— age) Such tiile to the gobds as the person negotiating the recegpt to him had or had ability to convey to a purchaser in good faith or value, and also such title to the goods as the depositor or }person_to whose order the goods were to be elivered by_the terms of the receipt had or had ability to convey to a purchaser m good fa1th for value; and. (b) The direct obligation of the warehouseman to hold possession of the goods for him according to the terms of the receipt as fully as if the warehouseman had contracted directly with him. Rishwvfmmsfvee- Sec. 42, Rrerrrs or PERSON T0 wnou A RECEIPT nas BEEN ·r1zANs- FERRED.—-A person to whom a receipt has been transferred but not plggotiagesd aiquires tlierigy, asfagainst the trzznsfeliprtelii, ihe tgtle to e oo su act to the rms o an eemen wit e rans errer. hN<>¤ic¤ w wm- Ifgtlipyiiepleirit is £onnegotiablei;}pui:Tha%>Iersont aliquacqpireslphe riglit to not' the ware ouseman 0 e ther o o suc recei and thereby to acquire the direct obligation of the warehousemrsiri to hold possession of the goods for him according to the terms of the recei t. mgpgdinon vrlvr to Pribr to the notification of the warehouseman by the transferrer ' or transferee of a nonnegotiable receipt, the title of the transferrer to the goods and the right to acquire the obligation of the warel1ouseman may be defeated by the levy of an attachment or execution upon the goo s by a creditor of the transferrer, or by a notification to the warehouseman by the transferrer or a subsequent urchaser from the transferrer of a subsequent sale of the goods by the transferrer. blgwrrgférgf gvjggggi Sec. 43. Tmmsrnn or NEGOTTABEE RECEIPT wrrnotrr INDORSE· rnaemmein. MENT.—Wil€fB a negotiable receipt is transferred for value by delivery, and the indorsement of the transferrer is essential for negotiation, the transferee acquires a right against the transferrer to compel him to indorse the receipt, unless a contrary intention appears. The negfitiatioéi shall take effect as of the time when the indorsement is actua ma e. °!*;;er?;¤:¤ ¤¤ we Sec. 44)i Wsnnnzvrrns ON SALE or RECEiPT.——A person who for ` value negotiates or transfers a receipt b mdorsement or delivery, including one who assigns for value a cfaim secured by a receipt, unless a contrary intention appears, warrants—— (a) That the receipt is genuine; (b) That he has a legal right to negotiate or transfer it; (c) That he has knowledge of no fact which would impair the validity or worth of the receipt; and (cl) That he has a right to transfer the title to the goods, and that the goods are merchantable or fit for a particular purpose whenever such warranties would have been implied, if the contract of the partges lpad been to transfer without a receipt the goods represented t iere y. uggyev ¤¤=¤s¤·¤- Sec. 45. Ixnoasma Nor _A emn.mroa.—The indorsement of a receipt shall not make the nidorser liable for any failure on the art of the warelmusernan or previous indorsers of the receipt to fulfill their respectwe 0 igations.