New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-04-01

to be appointed by tho pledge, which e. q.
| 800 .heII examine, apprAise ana soil tno
rro orSH or or merchandise pledged, or such IN
ssw""nt of the Same - they may determine
- :stisfv the claim of the Pledge. together
With costs and usual expenses. 10 case OF
Sombt the two experts already selected
will be authorized to appoint third. In
the event of the pledgor refusing, or for
any reason failing to appoint such expert
within five days, allowing ono additional
day for every twenty miles that the
residence of the Pledge may be dis-
tant from the residence of the pledgor,
then the Pledge shall be and he il hereby
authorized and empowered to appoint Two
experts, and they to appoint third, all OF
whom shall be familiar with the vslue ana
MANAGEMENT of the character OF the mer-
chandise involved; said experts to examine,
aDpraise, and sell to the best possible ad-
vantage, all of the produce pledged, or
such an amount rs may be necessary to
settle the pledge note in full, together with
such costs and necessary expenses as may
be or have been incurred. The experts
thus appointed shall proceed at once to take
action and to complete their duties at the
earliest practical day consistent with the
usual and customary manner Of sell
ing the produce or merchandise in
question, and said experts shall make
their report Immediately thereafter.
They shall be authorized to sell at
public auction, after five days' notice in
public journal published in the parish in
which the Dledgee resides, without legal
process of any kind or description what.
ever; and the Pledge or holder OF said
warehouse receipt shall be in full and COM
plete possession of the merchandise de-
scribed in the receipt from and after the
day on which the pledge note based on the
merchandise may have matured; the sur
render of the warehouse receipt to the GUS
todian or custodians of the property, and
cancellation of same. shall relieve and ex-
0nerste them from all further responsibility
in the premises.
Sec. Z. Be it further enacted, etc., That
said experts shall make sworn statement
of their proceedings and the disposition of
the funds realized, and file said statement
in the Office of some duly qualified notary
public, or in any court of record located IN
the parish in which the Pledge may reside.
Said experts shall receive such fee as may
be agreed upon, but they shall not be au-
thorizsd to exact . fee in excess of the
usual commissions charged, according to
commercial usage, on the character of the
property upon which they may have admin
istered.
SEC. 8. Be it further enacted, ETC., That
all warehouse receipts as by this act pro-
vided, shall be negotiable by Endorsement
in blank. or by special Endorsement, in the
same manner and to the same extent ae
bills of exchange and promissory notes now
are.
SEC g. Be it further enacted. ETC., That
this act shall take effect from and after its
passage, and all laws or parts of laws in
conflict herewith be and the same are here
by repealed.
tSigned) Ed. ESTILETTE.
Speaker of the House OF Representatives.
(Signedl c. c. ANTOINE.
Lieutenant Governor and President Of the
Senate.
Approved March IL. 1876.
(Signed) WIN. P. KELLOGG.
Governor of the State Of louisiana.
A true copy:
PIG. DEsLONDE,
Secretary of State