New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-04-01
LAWS OF THE STATE OF LOUISIANA.
PUBLISHED BY AUTHORITY.
REGULAR SESSION OF 1876.
AN ACT

Governing the manner in which cotton
press receipts, warehouse receipts, or the
receipts of other custodians OF any prop
erty whatever, shall be issued, in all cases
where such receipts shall or may De used
or pledged as collateral security TOR
money advanced or borrowed on faith of
the property therein specified, and gov
erping the delivery and disposal OF the
property tor which such receipts may be
issued.
SECTION l. Be it enacted by the Senate
and House of Representatives OF the State
of Louisiana, in General Assembly con-
vened, That no cotton press. or other GUS
todian or oustodians of produce or prop.
erty, shall issue any receipt or other
voucher for any produce. merchandise or
other property, to any person or persons
purporting to be the holder, owner or
owners thereof, unless such produce, mer-
chandise or other property shall have been
actually received into store, or upon the
premises of such cotton press, or other Gus.
todian or custOGians, shall be in the store,
cotton press or warehouse, or on the prem
Uses aforesaid, or under his or their control
at the time OF issuing such receipt
SEC. 2. Be it further enacted, ETC.. That
any person, firm or association who shall,
or may be, or in any way become the GUS
todians of any property, goods, products
or merchandise whatever, and who may
issue receipts therefor, shall not under any
circumstance, or upon any order or guaran.
tee whatever, deliver property for which
such receipts have been issued until the
party or parties to whom the receipts were
issued, or the legal holders thereof, shall
have surrendered the same to said custOdl-
ans for cancellation, and in default OF q
strict compliance with the provisions of
this section of this act, they may be held
liable by the legal holder or owner of their
receipt for the market value of the prop
erty therein described as may be established
by the Chamber of Commerce Of the city
of New Orleans, or any committee thereof,
approved and authenticated by the presi-
dent or vice president of said Chamber of
Commerce. ALI warehouse receipts in
tended for pledge under the provisions of
this act shall be paraphed before being
issued, as follows: For hypothecation in &C.
cordance with the provisions of this act:
Sec. 3. Be it further enacted, etc., That
no cotton press or other custodian or GUS
todians of products or other property, ehall
issue any second or duplicate receipt tor
any goods, wares, merchandise. grain flour,
or other produce or commodity, while any
former receipt for any such goods, wares,
merchandise, grain. -four, or other produce
or commodity as aforesaid, or any part
thereof, shall be outstanding and uncan.
celed, without writing across the face of the
same. duplicate" in highly conspicuous
manner. And any person who may issue
warehouse receipts for any property of any
kind Whatsoever not actually in their pos
session and under their entire control, shall
be and are hereby made liable for the mar
ket value of any and all property for which
they may have issued such false receipts in
manner as specified in foregoing section,
and shall furthermore be liable to criminal
prosecution as having aided and abetted in
in obtaining money under false pretenses.
Sec. A. Be it further enacted. ETC.; That
parties who may borrow money on the
faith of warehouse receipts, representing
property in store, shall file their affidavit
with the Pledges that such property is
theirs, the pledgors', personal property, or
that it is the property OF some party for
whom the pleda0r is acting as agent, fac
tor, commission merchant or in any other
fduciary capacity, and that said party is
Justly and truly indebted to the pledgOr in
an amount equal in value to the value OF
the property pledged, as specified in the
warehouse receipt, for moneys paid to him,
or paid by his order and for his account by
the party or cOnsignee making the pledge.
The cashier of bank or the secretary of
any insurance company incorporated or
working under any law Of the United States
minister the oath contemplated under the
provisions of this act. Any deviation there.
from shall render the party or parties SO
deviating liable for the value of the prop
erty, or any excess in value over and above
the amount for which it may have been
pledged in any manner specified in section
one of this act, and to prosecution for per-
jury and also for obtaining money under
false pretenses.
Sec. 5. Be it further enacted. ETC., That
the vendors lien OF five days privilege, now
allowed in commercial transactions tor the
payment of the purchase price, shall not be
affected by the provisions OF this act, ex-
cept in case in which warehouse RECEIPT
has been pledged as collateral for money
borrowed. The holder of the warehouse
receipt shall be considered and held as the
actual owner of the property described IN
the receipt, and no clause OF this act shall
operate to the detriment or injury of the
holder Of q warehouse receipt, to the ex.
tent of the value of the property specified,
m ade and issued in accordance with and
under the provisions of this act; provided,
that where the factor, agent or pledg0r
may have wrongfully pledged, in violation
OF this act, any property, the lien of the
owner shall be valid even against the third
holder OF the warehouse receipt.
SEC: o: BE 1t further enacted, etc., Thai
should the pledgor fail to pay his pledge
note, secured by warehouse receipts repre-
senting the property therein described, ON
the day of its maturity, the PLEDGE shall.
ON the following day after the msturitv of
such pledge note, notify the pledgor Of
same, and Intern him that he may appoint
one expert to cot jointly with another one