Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1909-07-15

rect obligation of the warehouseman to
hold possession of the goods for him ac-
cording to the terms of the receipt.
3. Prior to the notification of the ware
houSeman by the tranSferrer tranSferee
of non-negotlable receipt the title of the
transferee to the goods and the right to ac-
quire the 0bigat on Of the warehouSeman
may be defeated by the levy of an attach
ment or execution upon the goods by
creditor of the traDsferrer. or by notifica>
ton to the warehouseman by the trans
ferrer. or subsequent purchaser from the
transformer of a subsequent sale OF the
goods by the transferrer.
Section 16S4m-4o. Where a negotiable
receipt is transferred for value by delivery,
and the Endorsement of the transferrer is
essential for negotiation. the transferee &C
quires right against the transferrer to
compel him to ndorse the receipt, unless
contrary Intention appears. The negotia-
ton shall take effect as of the time when
the Endorsement is actually made.
Section 16S4m-46 A person who for
value negotiates or transfers receipt by
Endorsement or delivery. including one who
assigns for value claim secured by re-
ceipt, unless contrary intention appears,
warrants
% That the receipt is genuine.
CD That he has a legal right to nego-
tate transfer it.
60 That he has knowledge of no fact
which would impair the validity or worth
of the receipt, and
a. That he has right to transfer the
title to the goods. and that the goods are
merchantable or fit for a particular pur-
pose whenever Sucl WdrFdHlieS WOulu nave
been implied if the contract of the parties
had been to transfer without receipt the
goods represented thereby
Section 16S4nl-47. The Endorsement Of
a receipt shall not make the indorser liable
for any failure on the part of the ware
houseman or previous indorsers of the re-
ceipt to fulfill their respective obligations.
Section 16S4m-4S mortgage, PLEDGE,
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
not by so doing be deer to represent or
to warrant the genuineness of such receipt
or the quantity, or quality Of the goods
Section 16S4m-49. The validity Of the
negotiation of a receipt is not impaired by
the fact that such negotiation was 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,
if the person to whom the receipt was ne
gotiated. or a person to 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 a person
having sold mortgaged. or pledged goods
which are in warehouse and for which
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-
that person under any sale, or other dspO-
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 If the
first purchaser of the goods or receipt had
expressly authorized the subsequent nego-
tiation.
Section 16S4m-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-
tiation be prior or subsequent to the notifi-
cation to the warehouseman who issued
such receipt of the sellers claim to a lien
or right of stoppage in transitu. Nor shall
the warehouseman be obliged to deliver or
justified in delivering the goods to an I'M
paid seller unless the receipt is first sur
rendered for cancellation.
Section 1684m-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 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 nor less than one year, or by fine
not exceeding five thousand dollars. or by
both.
Section 16s4m-53. warehouseman,
or any officer. agent, or servant of ware
houseman, who fraudulently issues or aids
in fraudulently issuing a 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 warehouseman. or
any officer agent, or servant OF ware
houscman, 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 lace Thereon
the word duplicate, except in the case OF
a lost or destroyed receipt after proceedings
as provided for in section 16S4m-15, shall,
upon conviction thereof, be punished by i'm
prisonment in the state prison for not more
than five years nor less than one year, or
by a fine not exceeding FIVE thousand dol
lars or by both.
Section 16S4m-55. Where there are de-
posted with or held by a warehouseman
goods of which he is owner. either solely or
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 negotiable re-
ceipt for such goods which does not state
thereof, be punished by Imprisonment in
the state prison for not more than i've
years nor less than one year. or by fine
not exceeding five thousand dollars, or by
both.
Section 16S4m-56 warehouseman,
or any officer. agent, or servant Of ware
houseman who delivers goods out of the
possession of such Warehouseman, knowing
that a negotiable receipt the negotiation of
which would transfer the right to the pos
session of such goods, Is outstanding and
uneanceled, 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 1694m-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 fine not exceeding one
thousand dollars, by both.
Section 16s4m5a Any Up person Sot t Who DE-
upon which there is lien or mortgage, and
who takes for such goods negotiable re-
ceipt which he afterwards negotiates for
value with intent to deceive and without
disclosing his want of title or the existence
of the lien or mortgage, shall upon con-
viction thereof, be punished by imprison-
ment in the state prison for not more than
one year, or by fine not exceeding one
thousand dollars, or by both.
Section 1684m-58. A warehouseman,
any officer agent or oh she
transfer, or in any manner remove beyond
the immediate control OF the warehouse
man any property deposited with such sucn
warehouseman upon such receipt, without
che 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 16S4n-59. Any person who
shall wilfully alter or destroy any receipt
or register of receipts or any warehouse
man or any officer agent, or servant of a
warehouseman, who shall issue any receipt
without entering the same as 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 na1 year Of oy a. n me h moi ex
Section 16S4m-6O. In any case not pro-
vided for in this act, the rules of law and