The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1909-07-15

sum receipt. anu thereby TO acquire tie Ill
rect obligation of the warehouseman to
hold possession of the goods for him ac-
| cordlng TO the terms of the receipt
8 Prior to the notification of the ware
houseman by the transferrer or transferee
OF non-negotiable receipt. the title of the
! transferee to the goods and the right TO ae-
| quire the obligation of the warehouseman
| may be defeated by the levy of an attach
ment or execution upon the goods by
| creditor OF the transferrer. or by not1fca-
ZION 10 the warehouseman by the trans
Ierrer or a subsequent purchaser from the
I tfanSferfef OF subsequent sale OF the
goods by the transferrer
I Section 16S4m-45. Where negotiable
receipt is transferred for value by delivery.
4 and the Endorsement of the transferrer is
essential for negotiation. the transferee &C
quires right against the transferrer TO
compel him to indorse 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
| 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.
p That he has a legal right to nego-
/ tate or transfer it.
80 That he has knowledge of no fact
! which would impair the validity or worth
/ of the receipt, and
az 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 a receipt the
goods represented thereby.
| Section 16S4m-47. The Endorsement of
! a receipt shall not make the iGdorser 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. A 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 deemed to represent or
to warrant the genuineness of such receipt
| or the quantity or quality OF the goods
/ therein described
Section 16S4m-49. The validity of the
( negotiation of 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,
! II the person to whom the receipt was ne
| gotiated. 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 1684m--50, Where a person
having sold. mortgaged. or pledged goods
| which are in 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-
| 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 if the
| first purchaser of the goods or receipt had
| expressly authorized the subsequent nego-
| tiation.
| 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 Motif
| 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 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 warehouseman, or
| any officer, agent, or servant of a 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. A warehouseman,
e.
| 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 fine not exceeding
| five thousand dollars, or by both.
Section 16S4m-54. warehouseman or
| any officer, agent, or servant of a ware
| houseman, who issues or aids in issuing
| duplicate additional negotiable receipt
inIoln
| receipt for the same goods or any part of
them is outstanding and uncancelled, with
! out plainly placing upon the face thereof
| 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 fine not exceeding five thousand dol
| lars, or by both.
Section 16s4m-55. Where there are de-
! 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 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 or by fine
| not exceeding five thousand dollars, or by
| both.
| Section 1684m-56. 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
I uncanceled, without obtaining the possess
| sion Of such receipt at or before the time
| of such delivery. shall, except in the cases
| provided for in sections 16S4m-15 and
| 16S4m-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, or by both.
Section 16S4m-57. Any person who de-
posits goods to which he had not title, or
! upon which there is 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 Tire 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. warehouseman,
| or any officer, agent, or servant of 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
| 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 a fine not exceeding five thousand dol
| lars, or by both.
| Section 1684m-59. Any person who
/ shall wilfully alter or destroy any receipt
| man. or any officer agent or servant OF
| 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 than one year, or by fine not ex-