Page:United States Statutes at Large Volume 39 Part 1.djvu/564

 SIXTYYFOURTH CONGRESS. Sess. I. Ch. 415. 1916. 543 Sec. 28. That an order bill may be negotiated by the indorsement 0,f,*j°°*S¤m°¤* *>° of the person to whose order the goods are deliverable by the tenor e` of the bill. _ Such indorsement may be in blank or to a specified persona If mdorsed to a specified person it may be negotiated again y the mdorsement of suc person m blank or to another specified person. Subsequent negotiation may be made in like manner. Sec. 29, That a bill may be transferred by the holder by delivery, T"'”f°' °"’m‘ accompanied with an agreement, express or implied, to transfer the Sm, ht bm, sub title to the bill or to the goods represented thereby. A straight bill ject tc iquities. can not be negotiated free from existing equities, and the indorsement of such a bill gives the transferee no additional right. _ _ Sec. 30. That an order bill may be negotiated by any person in b,N °' ms possession of the same, however such possession may have been acquired, if by the terms of the bill the carrier undertakes to deliver the goods to the order of such person, or if at the time of negotiation the ill is in such form that it may be n otiated by delivery. Sec. 31. That a person to whom an oiider bill has been duly nego- mgm °“’“'°h“°" tiated acquires thereby- (a) Such title to the goods as the person negotiating the bill to him Tm°°°‘°°°" had or had ability to convey to a urchaser m good faith for value, and also such title to the goods as the consi ee and consignor had or - had wer to convey to a purchaser in goodlfaith for value; and _ (blmThe direct obligation of the carrier to hohdllpossession of the °bH“°”°” °‘°“"i°" oods for him according to the terms of the bill as y as if the carrier had contracted directly with him. _ Sec. 32. That a person to whom a bill has been transferred but not ir giiiiliii negotiated, acquires thereby as against the transferor the title to the N _ 6 _ goods, subject to the terms of any agreement with the transferor. If ami:] °°t’°” t° the bill is a straight bill such person also ac uires the right to notify the carrier of the transfer to him of such bill and thereby to become the direct obligee of whatever obligations the carrier owed to the transferor of the bill immediately before the notification. Ammhmmt etc Prior to the notification of the carrier by the transferor or transferee before ¤¤u¤•.’ " of a straight bill the title of the transferee to the goods and the right to acquire the obligation of the carrier may be defeated by garnishment or by attachment or execution upon the goods by a creditor of the transferor, or by a notification to the carrier bgsthe transferor or a subse uent purchaser from the transferor of a su equent sale of the goodsqby the transferor. _ A carrier has not received notification within the meaning of this N""“"’°'°"'°‘*““°°· section unless an officer or agent of the carrier, the actual or apparent scope of whose duties includes action upon such a notification, has been notified; and no notification shall be effective until the officer or event to whom it is given has had time, with the exercise of reasonable diligence, to communicate with the agent or agents having actual possession or control of the goods. _ Sec. 33. That where an order bill is transferred for value by ;"d°’ "‘“’· delivery, and the indorsement of the transferor is essential for negotia- “"°“‘°'“°“‘· tion, the transferee ac uires a right against the transferor to comrxgpl him to indorse the bifh, unless a contrary intention aplpears. e negotiation shall take effect as of the time when the in orsement is actually made. This obligation may be specifically enforced. _ W t { mm Sec. 34. That a person who negotiates or transfers for value a bill ,mf'““ " by indorsement or delivery, unless a contrary intention appears, warrants- (a) That the bill is genuine; _ (b) That he has a legal right to transfer it; _ _ (c) That he has knowledie of no fact which would impair the validit or worth of the bill; _ (d) 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