Page:United States Statutes at Large Volume 47 Part 1.djvu/1236

 1212 72d C ONGRESS. SESS. II. CH. 128 . FEBRUARY 27, 1933 . delivery, including one who assigns for value a claim se cur ed by a document of title unless a contrary intention appears, warrants (a) That the document 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 document ; and (d) That he has a right to transfer the title to the goods and that the goods are merchantable or fit for a particular purp ose, whenever such warranties would have been implied if the contract of the p artie s had been to t ransf er wi thout a do cumen t of title the goods represented thereby . Indorser not a guar- SEC. 633. INDO RSER NOT A GUAR ANTOR .-The endorsement of a docu- antOf. meet of title shall not make the endorser liable for any failure on the part of the bailee who issued the document or pre vious end orser s the reof to fu lfill thei r res pecti ve ob ligat ions . duress .' mistake, and SEC. 634. WH EN NEGOTIATION NOT IMPAI RED B Y FRAUD, MISTAKE OR DURESS .-The validity of the negotiation of a negotiable document of title is not impaired by the fa ct th at the negotiation was a breach of duty on the par t of the p erson maki ng the neg otiat ion, or by the fact that the owner of the document was induced by fraud mistake or duress to entrust the possession or cus to dy th ere of to s uch person, if the person to whom the document was negotiated or a person to whom the document was subsequently negotiated paid value therefor, without notice of the breach of duty, or fraud, mistake or duress. Attachment or levy SEC. 635. ATTACHMENT OR LEVY UPON GOODS FOR WHICH A NEGOTIA- tibledocument iissued BLE DOCUMENT HAS BEEN ISSUED .-If goods are d elive red to a b ailee by the o wner or by a pe rson whose act in co nveyi ng the tit le to them to a purchaser in good faith for value would bind the owner and a negotiable document of tit le is issued for the m the y can not ther eafte r, wh ile in the poss essio n of such baile e, be attached by garnishment or otherwise be levied upon under an execution unless the doc um ent be first surrendered to the bailee or its negotiation enjo ined. The bailee shall in no ca se be compelled to deliver up the actual possession of the goods until the document is surrendered to him or impo unded by the court. Creditors' remedies. SEC. 636. CREDrrORS' REMEDIES TO REACH NEGO TIABL E DOCUMENTS .- A creditor whose debtor is the owner of a negotiable document of title shall be entitled to such aid from courts of appropriate juris- diction by injunction and otherwise in attaching such document or in s atisf ying the c laim by me ans t hereo f as is al lowed at law or in equity in regard to property which can not be readily attached, or levied upon by ordinary legal process . Du ty o f delivery and SEC. 637. SELLER MUST DELIVER AND BUYER ACCEPT GOODS .-It is the aec ep ce duty of the se ller to de liver the goods , and of the bu yer to acc ept and pay for them, in accordance with the terms of the cont ract to sell or sale. Delivery and pay- SEC. 638. DELIVERY AND PAYMENT ARE CONCURRENT CONDI TIONS : mea t ns .con cu rre nt co n- Unless otherwise agr ee d, delivery of the goods and payment of the ditio pric e are conc urren t con ditio ns ; that is to say, the seller must be ready and willing to give possession of the goods to the buyer in exchange for the price and the buyer must be ready and willing to pay the p rice in ex chang e for poss essio n of the goods. mann~eroLt~e and SEC. 639. PLACE, TIME, AND MANNER OF DELIVERY.-1. Whether it is for the buyer to take possession of the goods or for the seller to send th em to the buy er is a question depending in ea ch ca se on the con - tract, express or implied, between the parties. Apart from any such contract, express or implied, or usage of trade to the contrary, the p lace of delivery is the seller's place of business if he have one,