The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-04-14
"rEE WAREHOUSE BILL"
, MEASURE OF GREAT IMPORTANCE
ALIKE TO PRODUCERS, AGENTS.
FACTORS, AND COMMITS
SION MERCHANTS.

1
/ FACTORS, AND COMMITS
SION MERCHANTS.
The following bill, which is one of the
most important acts Of the General Assem-
blv nj the present session, has passed both
houses, and in few days will be placed in
the Governors bands for ap prevail:
hill TO prescribe how hypothecations OF products
| and commodities shall lie made and to prohibit
the hypothtcltion Of conslgnments except on con-
| ditlonS.
| 1. Be it enacted by the General assembly,
That any person, firm, or corporation, keep
ing licensed warehouse, may issue ware
house receipts or other written or printed
evidence for the deposit of grain, flour, mer-
chandiSe, or any other wares or commodity,
except manufactured tobacco, which re-
ceipts or other written or printed evidence
shall be stamped with the word, "Negotia-
be," and thereafter be negotiable and trans
ferable by delivery, whether the said grain,
flour, merchandise, or other wares or CON-
modify be the property Of the owner or
owners of the warehouse or Of another per-
son or persons; and the holder for value of
such receipts or other written or printed evil
dence for such goods, wares, or merchandise,
shall he deemed to be the owner Of the pro-
pcrty named therein to the extent Of the loan
or negotiation thereon, unless the words
"not negotiable" shall be written or
stamped on the face thereof; provided that
the words "not negotiable" shall be written
or stamped by the commission merchant or
agent in the warehouse receipt or other
written or printed evidence Of the deposit Of
the farmers or planters property, unless
there is express authority given in writing
by such farmers or planters to the contrary,
and any paper wrOngIuliy or fraudulently
endorsed or stamped negotiable under this
act shall be deemed and treated as forgery.
2. Such receipt, or other written srprnted
evidence, shall state upon its face the name
or names of the owner or owners OF the mer-
chandise or commodity for which it is given,
the kind or nature of such merchandise or
commodity, and its estimated value. When
a warehouse receipt or other written or print.
ed evidence is given for any grain, -four, mer-
. chandise, or commodity to any person not
| the actual owner thereof the Dame OF the ac-
tual owner OF the property, together with
, the. nsme Of the agent Or commission mer-
chant deposiliug the same, shall be stated IN
such recent or other written or printed evil
: dence.
3. Should any agent, factor, or commits.
sion merchant TO whom property, produce,
t or merchandise shall be consigned make any
e cash advances on such property, produce, or
merchandise, he is hereby authorized to ne'
po,iate, pledge, or hypothecate the ware
G house receipts or other written or printed
u evidence given for such property, produce,
or merchandise for the amount Of such cash
advances, and TO that extent only; and such
property, produce, or merchandise shall be
primarily liable for the payment of such cash
= advances, subject to warehouse charges
,. The person, firm, or corporation TO whom
- | such warehouse receipt or other written OF
" printed evidence has been pledged or by.
)" pothecated for a loan or advance of money
Shall, upon not less than ten days notice
given 20 the owner of such property or bis
5 agent after the said mouey shall have become
p due ana remains unpaid, be authorized t.
Il require the Wareholisenan, Or his agent, il
y whose hands said property Is deposited, to
sell the same, or so much thereof rs may b;
necessary, to satisfy the said debt and inte-
rest thereon; and the warchOuscmau or hi,
+ agent shall thcreupon advertise, ut ten days
l. notice, such property for sale at public auc
ton, aud sell enough thereof, on sixty days
time, to pay, first, the warehouse charges anC
expenses OF sale, and, second, the debt OF
R money for which the receipt or other writer
or printed evidence has been hypothecatcd
tue balance of said property to remain sub
=. 4. ANY agent, factor, or commission mer
- chant who shall obtain any money on suct
receipts or other written or printed evidence
80 shall endorse thereon the adrauceinent
" made by him to the owner thereof, and the
y amount obtained by him under said ncgotla
% ton, pledge or bypothecation; and any
-, agent. factor or commission merchant wbt
- shall, for his own use, negotiate, pledge o
,t hy pothecate any such warehouse receipt o
eS other written or printed evidence Tor pro
perry, produce OF merchandise, upon which
r. no cash advance bas been made, or for
greater amount than such advance where NJ
rb advance has been made, or WHO shall fail +
make the endorsement herein provided, shall
ri be deemed gully Of Tie larceny OF til
Il. amount so obtained, and subject to punish
ce mcut according to the p! oYisions OF this act
~ 8. If any person, firm, or corporation
he keeping licensed warehouse, shall issue
receipt or other written or printed cvidenc
,,r Tor his or its own goods deposited in his 0
% lis own warehouse, and sell or obtain none
he thereon, then the holder Of such receipt O
nd other written or printed evidence Shall b
deemed 10 Ge the owLcr OF such gooG.
wares, Or merchandise. absolutely or TO til
extent of the advance made thereon; an
NO such receipts or other written or printed eY
If Gcnce shall have all the privileges, and tt
nceotiator thereof shall be subject to all th
penalties prescribed in this act. In the cas
d. OF any manufactured tobacco, or other fabric
r. or commodity, remaining in possession of tn
If. manufacturer or owner thereof who is il
Re default in the payment OF Il loan negotiated
i uuder this &cf, any commission merchan
C. engaged In the sale Of manufactured to
c. lacco, or other fabric or commodity, at tht
instance OF the holder of tue warehouse re
b celpt, or other written or printed evidence
II can have the same transferred to said com
mission merchant, or agent. to make sale Of
e the property Hypothetical in the same man.
= ncr US provided in section 3D. OF this act.
e 6. No hypothecation, pledge, or negotia
y Ton OF any such property, produce, or mer
81 cliandisc shall be made by any agent, factor
r or commission merchant, except in accord
c ance With the provisions Of this act aud witt