Page:United States Statutes at Large Volume 76A.djvu/231

–135– -135§ 1450. Creditors' rights against sold goods in seller's possession 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. § 1451. Definition of negotiable documents of title A document 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, § 1452. Negotiation of negotiable documents by delivery A negotiable document of title may be negotiated by delivery: (1) where, by the terms of the document, the carrier, warehouseman, or other bailee issuing the same undertakes to deliver (2) where, by the terms of the document, the carrier, warehouseman, or other bailee issuing the same undertakes to deliver the goods to the order of a specified person, and such person or or to the bearer. Where, by the terms of a negotiable document of title, the goods are deliverable to bearer or where a negotiable document of title has been indorsed in blank or to bearer, any holder may indorse the same to himself or to any other specified person, and in such case the document shall thereafter be negotiated only by the indorsement of such indorsee. § 1453. Negotiation of negotiable documents by indorsement A negotiable document of title may b^ negotiated by the indorsement of the person to whose order the goods are by the terms of the document deliverable. Such indorsement may be in blank, to bearer or to a specified person. If indorsed to a specified person, it may be again negotiated by the indorsement of such person in blank, to bearer or to another specified person. Subsequent negotiations may be made in like manner. § 1454. Negotiable documents of title marked''not negotiable" If a document of title which contains an undertaking by a carrier, warehouseman, or other bailee to deliver the goods to the bearer, to a specified person or order, or to the order of a specified person, or which contains words of like import, has placed upon it the words "not negotiable", "nonnegotiable", or the like, such a document may nevertheless be negotiated by the holder and is a negotiable document of title within the meaning of this chapter. But this chapter does not limit or define the e ^ c t upon the obligations of the carrier, warehouseman, or other bailee issuing a document of title, of placing thereon the words "not negotiable", "nonnegotiable", or the like. § 1455. Transfer of nonnegotiable documents A document of title which is not in such form that it can be negotiated by delivery may be transferred by the holder by delivery to a purchaser or donee. A nonnegotiable document cannot be negotiated, and the indorsement of such a document gives the transferee no additional right. § 1456. Who may negotiate a document A negotiable document of title may be negotiated: ': (1) by the owner thereof; or (2) by any person to whom the possession or custody of the document has been entrusted by the owner, if, by the terms of the
 * the goods to the bearer; or
 * a subsequent indorsee of the document has indorsed it in blank

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