Page:United States Statutes at Large Volume 50 Part 1.djvu/61

 36 Provisions not af. fected. Sale by one having a voidable title. Sale by seller in po ssessio n of go ods already sold. Credito rs' rig hts against s old goods in seller's possession. Definition of nego- tiable documen ts of title. Negotiation of ne- gotiable documents by delivery. By endorsement. 75TH CO NGRESS, 1sT SESSION- CH. 4 3-MA RCH 17, 1937 to the goods than the seller had, unless the owner of the goods is by his conduct precluded from denying the seller's authority to sell. (2) Nothing in this Act, however, shall affect- (a) The provisions of any factors' acts, recording acts, or any enactment enabling the apparent owner of goods to dispose of them as if he were the true owner thereof. (b) The validity of any contract to sell or sale under any spe- cial common law or statutory power of sale or under the order of a c ourt o f comp etent jurisd iction. SEC. 24. SALE BY ONE H AVING A V OIDABLE TITLE .-Where the seller of goods has a voi dable tit le theret o, but hi s title h as not be en voided at the time of the sale, the buyer acquires 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. 25 . SALE BY SELLER IN POSSESSION OF GOODS ALREADY SOLD .- Where 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 that person, or by an agent acting for him, of the goods or documents of title under an y sale, p ledge, or other di sposition thereof, to any person receiving and paying value for the same in good faith and without notice of the previous sale, shall have the same effect as if the person making the delivery or transfer were expressly authorized by the owner of the goods to make the same. SEC. 26. CREDITORS' RIGHTS AGAINST SOLD GOODS IN SELLER'S POSSES- sioN.-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 under any rule of law, a creditor or creditors of the seller may treat the sale as void. SEC. 27. DEFINITION OF NEGOTIABLE DOCUMENTS OF TITLE .-A docu- ment of title in which it is stated that the goods referred to therein will be delivered to the bearer, or to the order of any person named in such document is a. negotiable document of title within the mean- ing of this Act. SEC. 28. NEG OTIATION OF NEGOT IABLE DO CUMENTS BY DELIVE RY. -A negotiable document of title may be negotiated by delivery- (a) W here by th e te rms of the doc ument the carri er, wareh ouse- man, or other bailee issuing the same undertakes to deliver the goods to the bearer; or (b) W here by th e te rms of the doc ument the carri er, wareh ouse- man, or other bailee issuing the same, undertakes to deliver the goods to the order of a specified person, and such person or a subsequent endorsee of the document has endorsed it in blank or to the bearer. Where by the terms of a negotiable document of title the goods are deliv erabl e to bear er or wher e a negot iable docu ment of t itle has been endorsed in blank or to bearer, any holder may endorse the same to himself or to any specified person, and in such case the document shall thereafter be negotiated only by the endorsement of such endorsee. SEC. 29. NEGOTIATION OF NEGOTIABLE DOCUMENTS BY ENDORSEMENT .- A negotiable document of title may be negotiated by the endorsement of the p erson to whose off er 1 the goods are b y the terms of the docu- ment deliverable. Such endorsement may be in blank, to bearer, or to a specified person. If endorsed to a specified person, it may be again negotiated by the endorsement of such person in blank, to bearer, or to another specified person. Subsequent negotiations may be made in like manner. ' So in original.