Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1909-07-08


"arehouseman Of the transfer to him Of
such receipt. and thereby to acquire the di-
rect obligation Of the warehouseuan to
mold possession Of the goods for him &C
cordlng to the terms Of the receipt.
j. Prior TO the notification OF the ware
1ouSenan by the transferrer or transferee
transferee to the goods and the right to &C
quiEe the obligat-o of the warehouseman
mas be defeated by the levy of an attach
ment or execution upon the goods by
creditor of the transferrer, or by notifca-
ton TO the warehouseman by the trans
lerrer or subsequent purchaser from the
goods by the transferrer.
Section 16S+m-45. Where a negotiable
receipt is transferred for value by delivery.
and the Endorsement OF the tranSferrer 3
essential for negotiation. the transferee &C
quireS q right against the transferreT 10
compel him to indorse the receipt, unless a
ton shall take effect as OF the time when
the Endorsement Is actually made.
Section 16S4m-46 A person who for
value nesotiates or transfers a receipt by
Endorsement or delivery, including one who
assigns for value a claim secured by a re-
ceipt unless contrary intention appears,
warrants
O That the receipt is genuine.
CD That he has a legal right to nego-
tiRta or transfer It.
which would impair the validity or worth
of the receipt and
"a That he has right to transfer the
merchantaSle or fit for particular pur
pose Whenever such warranties would have
been implied. IL the contract of the parties
had been TO transfer without a seceipt the
goods represented thereby.
Section 16S4m-47. The Endorsement OF
receipt shall not make the lndorser liable
houseman or previous iudorsers OF the re-
cetpt to fulfill their respective obligations.
Section 16S4m-4S. : MORTGAGE pledge,
or holder for security Of a receipt. who In
faith demands N
the debt for which such receipt Is security,
whether from party to draft drawn for
not by so doing be deemed to represent or
to warrant the genuInsuess of such receipt
or the quantity or quality Of the goods
therein described.
Section 16S4m-49. The validity of tho
negotiation of a receipt is not impaired by
the fact that such negotiation was a breach
OF duty on the part of the person making
the negotiation. or by the fact that the
owner OF the receipt was induced by fraud,
mistake or duress to entrust the possession
or custody Of the receipt to such person,
IL the person to whom the receipt was ne
gotiated, q person to whom the receipt
was subsequently negotiated, paid value
therefor, without notice Of the breach of
duty, or fraud, mistake, or duress.
Section 1SS4m-50 Where a person
having sold, mortgaged or pledged goods
which are in a warehouse and for which q
negotiable receipt has been issued, or hsv-
ing sold, mortgaged. or pledged the neso-
table receipt representing such goods con-
ttnueS in possession of the negotiable re-
ceipt the subsequent negotiation thereof by
that person under any sale. or other dispo-
sition thereof to any person receiving the
same In good faith, for value and without
notice Of the previous sale, mortgage. or
pledge, shall have the same effect as II the
first purchaser of the goods receipt had
expressly authorized the subsequent nego-
tiAtion.
Section 16S4m-51. Where negotiable
receipt has been issued for goods no sellers
lien or right OF stoppage IN transitu shall
defeat the rights of any purchaser FOR
value in good faith to whom such receipt
has been negotiated. whether such nego-
tiation be prior subsequent 10 the notiti-
cation to the warehouseman who issued
such receipt of the sellers claim to lien
or right of stoppage in transtu. Nor shall
the warehouseman be obliged to deliver or
justified In delivering the goods to an un-
paid seller unless the receipt is first sur
rendered for cancellation.
Section 1684m-52. warehouseman, or
any officer, agent, or servant OF ware
houseman, who issues or aids IN issuing
receipt, knowing that the goods for which
such receipt is issued have not been actU-
ally received by such warehouseman. or are
not under his actual control at the time of
issuing such receipt, shall, upon coavic-
tIon thereof, be punished by Imprisonment
in the state prison for not more than five
years nor less than one year, or by fine
not exceeding five thousand dollars. or by
both.
Section 16S4m-58 A warehousemsn.
or any officer, agent, or servant Of ware
II,
in frnudulently issuing receipt for goods
knowing that it contains any false state
ment, shall, upon conviction thereof, be
punished by Imprisonment in the state pri-
son for not more than five years nor less
than one year, or by a fine not exceeding
five thousand dollars, or by both
Section 16S4m-54. A warehouseman, or
any officer agent, or servant of ware
housCman, who Issues aids in issuing
duplicate or additional negotiable receipt
for goods, knowing that former negotiable
int for aTpn
them is outstanding and uncancelled, with
out plainly placing upon the face thereof
the word ,'duplicatc," except in the case of
a lost or destroyed receipt after proceedings
as provided for in section 16S4m-l5, shall,
upon conviction thereof, be punished by i'm
prisOnment H. the state prison for not more
than five years nor less than one year, or
by a fine not exceeding five Thousand dol
lars, by both.
Section 1684m-55. Where there are de-
posted with or held by q warehouse man
goods of which he is owner, either solely or
Jointly in common with others. such
warehouseman, or any OF his officers. agents,
or servants who, knowing this ownership,
issues or aids in issuing negotiable re
ceipt for such goods which does not state
such ownership, shall, upon. conviction
thereof be punished by imprisonment In
the state prison for not more than five
years nor less than one year or by fine
not exceeding five thousand dollars, or by
both.
Section 1694m-S6. A warehouseman,
or any officer, agent, or servant of a ware
hOuseman who delivers goods out OF the
possession of such warehouseman, knowing
that negotiable receipt, the negotiation Of
which would transfer the right to the pos
session of such goods, is outstanding and
uncancellcd, without obtaining the posses
sion of such receipt at or before the time
of such delivery. shall, except IN the cases
provided for in sections 1GS4m-15 and
1684m-37. upon conviction thereof, be pun
ished by Imprisonment in the state prison
for not more than FIVE years nor less than
one year, or by q fine not exceeding one
thousand dollars or by both.
poslts goods to which he had not title or
upon which there is a lien mortgage, and
who takes for such goods a negotiable re-
value with intent to, DECEIVE and without
disclosing his want Of title or the existence
Of the lien or mortgage, shall upon con
yctiOn thereof, be punished by imprison-
ment in the state prison for not more than
one year. or by a fine not exceeding one
thousand dollars, or by both.
Section 16S4m-5S. A warehOusemaD,
or any officer. agent. or servant of ware
houseman. whs shall sell, incumber, ship,
transfer. or in any manner remove beyond
the immediate control OF the warehouse
man any property deposited with such
warehDusemau upon such receipt without
the consent Of the holder OF such receipt.
shall upon conviction thereof. be punished
by imprisonment in the state prison for not
more than five years nor less than one year,
or by fine not exceeding five Thousand dol-
lars or by both
Section 16S4m-59. ANY person who
shall wilfully alter or destroy any receipt
register Of receipts or any warehouse
man or any officer. agent, or servant of a
warehOusemRn, who shall issue any receipt
without entering the same required by
section 16S4m-3, shall upon conviction
thereof, be punished by imprisonment in the
state prison for not more than five years
nor less than one year, or by q fine not ex-
ceeding five thousand dollars, or by both.
Section 16S4m-G0. In any case not pro-
vided for in this act, the rules of law and
equity, including the law merchant, and ia
particular the rules relating TO the law Of