The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1909-07-15

I UolG possession or the goods Tor IL III aC
| cording to the terms of the receipt
3. Prior to the notification of the ware
houselnan by the transferrer or transferee
OF non negotiable receipt; the title of the
! transferee 10 the goods and the right TO ac-
| quire the Obligation of the warehouseman
may be defeated by the levy of an attach
ment or execution upon the goods by a
! creditor of the transferrer or by notitca
| ton to the warehouseman by the trans
ferrer. or subsequent purchaser from me
| goods by the transfcrrcr.
Section 1GS4m--4,. Where negotiable
| receipt is transferred for value by delivery.
| and the Endorsement of the transferrer Is
| essential for negotiation the trapsferee ac-
! quires right against the transferrer to
| compel him to indorse the receipt, unless a
contrary intention appears. The negotia.
| ton shall take effect as Of the time when
! the Endorsement is actually made.
Section l6s4m--+6 A person who for
| value negotiates or transfers a receipt by
Endorsement or delivery, including one who
assigns for value claim secured by re-
ceipt, unless a contrary intention appears,
| warrants
~ That the receipt is genuine.
90 That he has legal right to nego-
tate or transfer 1t.
Oh That he has know ledge of no fact
! which would impair the validity or worth
| of the receipt. and
| "a That he has a right to transfer the
! title to the goods. and that the goods are
pose whenever such warranties would have
! been implied, if the contract of the parties
! had been to transfer without receipt the
saecn III. Endorsement of
receipt shall not make the indorser liable
for any failure on the part of the ware
houseman or previous indorsers of the re-
cept 10 fulfll their respective obligations.
Section 16S4m-4S. A mortgage, pledge,
or holder for security of receipt. who in
good faith demands or receives payment Of
the debt for which such receipt Is security,
whether from party TO draft drawn for
such debt or from any other person. shall
not by so doing be deemed to represent or
to warrant the genuineness of such receipt
or the quantity or quality OF the goods
therein described.
Section l6s4m-4e. The validity of the
negotiation of receipt is not impaired by
the fact that such negotiation was a breach
of duty on the part Of the person making
the negotiation, 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,
If the person to whom the receipt was ne
gotiated or person to whom the receipt
therefor without notice of the breach OF
duty. or fraud, mistake or duress.
Section lds4m-50 Where person
having sold mortgaged or pledged goods
which are in a warehouse and for which a
negotiable receipt has been issued. or hav-
ing sold. mortgaged, or pledged the nego-
table receipt representing such goods. con-
tinues in possession of the negotiable re-
Uetpt 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. shah have the same effect if the
first purchaser of the goods or receipt had
expressly authorized the subsequent nego-
tintion.
Section f6s4m-51 Where a 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-
tiatfon be prior or subsequent to the notih.
cation TO the warehouseman who issued
such receipt of the sellers claim to lien
or right of stoppage in transitu. Nor shall
the warehouseman be obliged 70 deliver or
justified In delivering the goods to an I'M
paid seller unless the receipt is first sur
rendered for cancellation.
Section 16S4m-52. A warehouseman, or
any officer, agent or servant of ware
houseman. who issues or aids in issuing a
receipt knowing that the goods for which
such receipt is issued have not been actn-
ally received by such warehouseman. or are
not under his actual control ut the time of
issuing such receipt, shall, upon convic-
ton 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-53 A warehouseman.
or any officer, agent, or servant of ware
houseman, who fraudulently issues or aids
In fraudulently issuing receipt for goods,
knowing that 1t 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 fine not exceeding
five thousand dollars, or by both.
Section l6s4m-54. warehouseman. or
any officer. agent, or servant of a ware
houseman who issues or aids In issuing a
duplicate or additional negotiable receipt
for goods, knowing that former negotiable
receipt for the same goods or any part or
them is outstanding and uncancelled, with.
out plainly placing upon the race thereof
the word duplicate" except In the case or
lost or destroyed receipt after proceedings
as provided for in section 16S4m-l5. shall,
upon conviction thereof, be punished by i'm
prsonment in the state prison for not more
than five years nor less than one year, or
by Il fine not exceeding nve thousand dol
lars or by both.
Section 16S4m-55. Where there are de-
posted with or held by warehouseman
jointly or in common with Others, such
warehouseman or any Of his officers, agents.
or servants who. knowing this ownership,
issues or aids in Issuing a 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 by a fine
not exceeding five thousand dollars, or by
both.
section 16s4m-56. 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
sion Of such receipt at or before the time
of such delivery. shall, except in the cases
provided for in sections 16S4m-1o and
16S4m-31. upon conviction thereof, be pun
shed by Imprisonment In the state prison
for not more than five years nor less than
one year, by fine not exceeding one
thousand dollars, or by both.
ltS4m-n7
posits goods to which he had not title, or
upon which there is a lien or mortgage, and
who takes for such goods a negotiable re-
ceipt which he afterwards negotiates for
value with intent to deceive and without
disclosing his want of title or he existence
of the lien or mortgage, shall upon CON
ment in the state prison for not more than
year or by fine not exceeding one
thousand dollars, or by both
Section 16sim-5s. A warehouseman,
or any officer agent. or servant of a ware
houseman who shall sell, incumber, ship.
transfer, or in any manner remove beyond
the immediate control of the warehouse
man any property deposited with such
warehouseman upon such receipt, without
tine 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, by both.
Section 16Sim-59 Any person who
shall wifully alter or destroy any receipt
or register of receipts or any warehouse
man, any officer, agent, servant of
warehouseman who shall issue any receipt
without entering the same as required by
section lGSim-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 fine not not ex-
Section 16Sim-G0 In any case not pro-
yidcd for in this act the rules of law and
equity, including the law merchant, and in
,l, linz tln .NF