Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1909-07-14


A9'iseIean 10y the trausferrer or tTansferee
81 D0n-n negotiable receipt the tirle OF the
tfsinsIeFee 70 the goods End TIE fisht 70 ss-
4htff me obllgat on Of the warehoHseman
may be- defeated by the levy of an attach
Aiehi Or execution upon the goods by
creditor Of the transferrcr or bF a uotffica-
non 10 the warehouS9rsqH by the trans
IeEF"r or e subsequent purchaser from rhe
1RaEsicrreF % subsequent sale of the
S"sis By the transferred
Section l6S4m-45 Where negotiable
receipt Is transferred foF value by delivery,
1 ana ne Endorsement Of the tFansferrer is
Il essential Tor negotiation. the transfeFee 2c-
4 quires right against the transferrer to
! compel him 10 indorse the recent. unless
+ conttary intention appears. The negotia-
Section lGs4m-46- A person who for
Endorsement or delivery including one who
assigns for value . claim secured By a re-
ceipt unless a contrary intention appears,
q That the receipt is genuine
- inat he has legal right &c negO-
81 That he has knowledge of no fact
! which would Impair the validity worth
OF the receipt, and
"a That he has right TO transfer the
! Title TO the goods. and that the goods are
( merchantabie or fit for q particular pur-
pose whenever such warranties would have
! Deeh Implied. II the contract of the parties
( had been TO transfer without a receipt ne
/ goods represented thereby
Section lGS4m-47 The indorserneIft of
/ a receipt shall not make the indorser liable
for any failure on the part of the Wa
housenan OF previous indorsers of the re-
ceipt 10 fulfill their respective obligations
/ Section l6s4m-4s A mortgage, Pledge.
I or holder for security OF a receipt who in
/ good faith demands or receives payment Of
] the debt for which such receipt is security
! whether from a party to a draft drawn for
/ such debt or from any other person shall
I not by 50 doing be deemed to represent or
( 10 warrant the genuineness of such receipt
] or the quantity or quality of the goods
/ therein described.
Section 16S4m-4e The validity of the
negotiation OF q 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 thar the
! owner Of the receipt was induced by fraud
I mistake, OF duress to entrust the possession
( or custody Of the receipt to such person.
( If the person TO whom the receipt was ne
gotiated or a person 10 whom the receipt
was subsequently negotiated paid value
therefor without notice Of the breach of
duty Or fraud. mistake, or duress.
Section 16S4m--50 Where person
having sold mOrtgaged or pledged goods
| which are in a warehouse and for which
negotiable receipt has been issued or hav-
Ing sold, mortgaged, or pledged the nego-
table receipt representing such goods, con-
unues In possession of the negotiable
cetpt, the subsequent negotiation thereof by
that person under any sale. or OTHER disp0
stion 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 If the
first purchaser Of the goods or receipt had
I
tiation.
Section 1G84m-.-- WI n negotiable
receipt has been issued for goods. no sellers
lien or right of stoppage in .raDsitu 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 or subsequent to the Motif
cation to the warehouseman who issued
such receipt Of the sellers claim to a lien
or right Of stoppage in transitu. Nor shall
the war"houseman be obliged 70 deliver or
justified n delivering the goods to an I'M
paid seller unless the receipt is first sur
rendered for cancellation.
Section 16S4m-52. warehOuseman, or
any officer agent. or servant Of q ware
houseman, who issues or aids in issuing a
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 convic-
ton thereof. be punished by Imprisonment
In the state prison for not more than five
years less than year. by fne
not exceeding FIVE thousand dollars or by
both.
Section 16S4m-5S. A warehouseman
or any officer, agent. or servant of a ware
houseman. who fraudulently issut or aids
In fraudulently issuing receipt for goods
knowing that 1t contains any false state
mpnt shall uuon 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
Ave y.ousaDd dollars. or by both.
Section 16S4m-54. A waPehouseman. or
any officer, agent. or servant Of ware
houseman, who issues or aids in Issuing
duplicate or additional negotiable receipt
for goods. knowing that former negotiable
receipt for the same goods or any part OF
them Is outstanding and uncancelled. with
out plainly placing upon the face thereof
the word duplicate" except in the case of
a lost destroyed receipt after proceedings
az provided for in section 16S4m--iI. shall,
upon convi lion thereof, be punished by I'm
! prsonment in the state prison for not more
: than five years nor less than one year, or
by me nOt exceeding 1--WE thousand dol
hrs or by both
section l6S4m-55 Where there are de
( posted with or held by a y arehouseman
1 hoods OF which he Is owner, either solely or
( Jointly in common with others, such
warphouseman. or any of his officers. agents,
or servants who, knowing this ownership,
| issues or aids in issuing a negotiable re
/ celpt for such goods which does not state
( such ownership. shall upon conviction
| thereof. he punished by Imprisonment in
1 the state prison for not more than five
! years nor less than one year, or by fine
! NOT exceeding i've thousand dollars, or by
/ both.
section 16s4m-56 A warehouseman.
/ ar any officer, agent. servant of ware
/ houseman who delivers goods out Of the
J 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
/ uncanceled. without obtaining the posses
( sion OF such receipt at or before the time
/ ~ such delivery shall. except in the cases
provided for In sections I6S4m--lo and
{ l6Siui- 81. upon conviction thereof. be pun
! lsheu hy imprson Wenf in the state prison
Tor moi more than FIVE years nor less than
one wear by fine not exceeding one
Thousand dollars or ~ both
! section 16S4m-57. ANY person who de-
/ posltS goods to which he had Rot title,
! upon which there il u lien or mortgage, aud
I who takes for such goods negotiable re-
cspJ which he afterwards uegottates fer
/ value With intent 10 deceive and without
disclosing his want Of title or the existence
! a the lien OF mortgage. shall upon con
ylction thereof, be punished by imprison-
/ luent Ina the state prison for not more than
! one wear ar by fine not exceeding ore
thousand dollars. or by both.
SpctIsn l6S4m-JS \ warehouseman.
or any officer agent, or servant OF a ware
housemap who shall sell, lneumber. ship
( transfer, or in any manner remove beyond
4 hr immediate control of the warehouse
man any property deposited with such
: WarrhuHseman upon such receipt, without
4 the consent uf tile holder Of such reeeip:
4 shall upon conviction thereof, be punished
hy lmurisur meut In thu state prison or not
More them 1--we years nor less than one year,
0r by ii fine not exceeding i've thousand dol
I .s"S OF by both
Sec ION t6S4nl-5a ANY person who
4 shall wilfully alter OF destroy any receipt
I nr register OF receipts or any warehouse
/ man or any Officer agent or servant % a
: rphouseuan. who SHALL issue any receipt
i without entering the same as required by
( section ltiS4m :. shall upon conviction
I thereof be punished by imprisonment IN the
state prison for Rot more than I've years
F nor less than cue year. 81 BY . nae not eN
ceedimE ave Thousand dollars. or by both.
section tBS4m 0p la any case not pro
4 yldeti FOR ln thts act. the rules Vi law and
equity ipebidlng the Law merchant. and IN