Page:United States Statutes at Large Volume 47 Part 1.djvu/1234

 1210 Sales under order of court. When title voidable. When in possession of goods already sold. C redit ors' right s against sold goods. Ne gotia ble d oeu- ments o f title. Negotiation by de- livery. By indorsement. Negotiable docu- ments marked "not ne- gotiable." 72d CONGRESS. SESS. II. CH. 128. FE BRUA RY 27, 1933 . (b) The validity of any contract to sell or sale under any special commo n law or s tatut ory p ower of sa le or unde r the orde r of a cou rt of competent jurisdiction. SEC. 620. SALE BY ONE HAVING A VOIDABLE TITLE .-Where the seller of go ods has a voi da ble title the re to, but his title has not been avoi ded at the time of the sa le, the bu yer a cquir es a good title to the goods, provided he buys them in good faith, for value, and without notice of the seller's defect of title. SEC. 621. SA LE BY SELLER IN POSSESSION OF GOODS ALREADY SOLD : Whe re a person having sold goods continues in possession of the goods, or of negotiable documents of title to the goods, the delivery or transfer by th at person, or by an agent acting for him, of the goods or documents of title under any sale, pledge, or other disposi- tion there of, to any pers on re ceivi ng and pay ing v alue for the sa me in good faith and without notice of the previous sale, shall have the sa me effect as if the person making the delivery or transfer were expre ssly autho rized by the ow ner of the good s to make the same. SEC. 622. CREDITORS' RIGHTS AGAINST SOLD GOODS IN SELLER'S POSSES- sl oN .-Where a person having sold goods continues in possession of the goods, or of negotiable documents of title to the goods and such retention of possession is fraudulent in fact or is deemed fraudulent und er any rul e of la w, a cre di tor or creditors of the seller may tre at the sale as void. SEC. 623. DEFINITION OF NEGOTIABLE DOCUMENTS OF TITLE .-A doc u- men t of ti tle in which it is stated th at the goo ds referred to th ere in will be delivered to the bearer, or to the order of any person named in such document is a negotiable document of title. SEC. 624 . NEGOTIATION OF NEG OT IAB LE DOCUMENTS BY DELIV ERY .- A negotiable document of title may be negotiated by delivery- (a) W here, by the ter ms of the docum ent, the c arrie r, wa rehou se- ma n, or other bailee issuing the same undertakes to deliver the goods to the bearer, or (b) W here, by the ter ms of the docum ent, the c arrie r, wa rehou se- ma n, or other bailee issuing the same undertakes to deliver the goods to the ord er of a sp ecifi ed pe rson, and such perso n or a sub seque nt indorsee of the document has indorsed it in blank or to bearer. Where, by the te rms of a negotiable doc um ent of title, the go ods are deliverable to bearer or where a negotiable document of title has bee n ind or sed in blank or to bearer, any holder may indorse the sam e to him se lf or to any ot her specified person, and in s uch c ase the d ocume nt sh all t herea fter be ne gotia ted o nly by the indo rseme nt of such indorsee. SEC. 625. NEG OTIAT ION OF NEGOTIABLE DOCUMENTS BY IN D ORSE- MENT .-A negotiable doc um ent of title may be neg ot iat ed by the indorsement of the person to whose order the goods are by the terms of the document deliverable. S uch indorsement may be in bla nk, to bearer or to a specified person. If ind or sed toa specified per so n, it may be aga in negotiated by the indorsement of s uch p er- son in blank, to bearer or to another specified person. Sub se que nt negotiation may be made in like manner. SEC. 626 . NEG OTIAB LE DO CUMEN TS OF TITLE MARKED " NOT NEGO- TIABLE ."-If a document of title which contains an undertaking by a carrier, warehouseman, or other bailee to deliver the goods to the be arer, toa spec ified pers on or orde r, or to the order of a speci- fied person, or which contains words of like import, has placed upon it the wor ds "n ot ne gotia ble," "non negot iable ," or the like, such a doc um ent may nevertheless be negotiated by the holder and is a negotiable document of title within the meaning of this chapter.