Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1911-08-04

Section l684t-2S. /. A negotiable
docuIlent of title may be negotiated BY
% Where by the terms of the DOOM
ment the carrier, warehouseman or
other ballee issuing the same UNDER
takes to deliver the goods to the bear
CD Whereby the terms Of the docu-
ment the carrier, WarehouSeman or
other bailee issuing the same, under
takes to deliver the goods to the ordep
of a specified person, and such person
or subsequent indorsee of the docu-
ment has indorsed it in blank or to
bearer.
2. Where by the terms of a negotia-
pie document of title the goods are de-
IVerab1e to bearer, or where a negotia-
PIE document of title has been indorsed
IN plank or to bearer, any holder may
lndorse the same to himself or to any
oIher Speclhed person, and in such case
the document shall thereafter be nego-
indorSee,
Section 16S4t-29. A negotiable doc
umeht or title may be negotiated by
or Ga lnq t6 e OF the person to whose
document deliverable. Such indorse~
ment may be in blank, to bearer or to
a sPie 7ad person If indorsed, to Is
tlated by the Endorsement of such per-
son in blank, to bearer or to another
specified person; Subsequent negotia-
Section 1684t-30. If a document OF
title which contains an undertakings by
a carrier, warehouseman or other
ballee to deliver the goods to the
bearer, to a specified person or order,
or to the order of a specified person, or
which contains words of like import,
mas placed upon it the words mot ne
SUCH document may nevertheless DO
negotiated by the holder and is a ne
gotlable document of title within tho
meaning of this act, But nothing in
this act contained shall be construed
as limiting or defining the effect upon
the obligations of the carrier, ware
houseman or other bailee issuing O.
document or title, of placing thereon
the words mot negotiable nome
gotiable" or the like.
Section 1684t-31. A document OF
title which is not in such form that IL
transferred by the holder by delivery
to a purchaser or donee. A nonnego-
TABLE document cannot be negotiated
and the Endorsement of such document
gives the transferee no additional
right.
Section 1684t-32. A negotiable doc
ument %, of title may be, negotiated:
a. by the owner thereof or
(2) BY any person to whom the pos-
session or custody of the document has
been entrusted by the owner, if, by tho
terms or the document the bailee is
SUNG the document undertakes to de"
liver the goods to the order of the per-
son to whom the possession or GUS
tOdy of the document has been en-
trusted, or if at the time of such en-
trusting the document is in such form
that it may be negotiated by delivery.
Section l684t-33. A person to whom
a negotiable document of title has been
duly negotiated acquires thereby:
- Such title to the goods as the
person negotiating the document to
him had or had ability to convey to
purchaser in good faith for value, and
also such title to the goods as the
person to whose order the goods were
to be delivered by the terms of the
dOrnn~Jlf had ar a hilft1 10
to a purchaser in good faith for value,
and
~ The direct obligation Of the
bailee issuing the document to hold
possession of the goods for him ac-
cording to the terms Of the document
as fully as If such baiIee had contract
Section 16S4t-34 1. A person to
whom a document of title has been
transferred, but not negotiated, &C
quires thereby, as against the trans
to the terms OF any agreement with
the tranSferOr.
2. If the document is nonnegotiabIe,
such person also acquires the right to
notify the baiIee who issues the docu-
ment of the transfer thereof, and
thereby to acquire the direct obliga-
ton OF such bailGe to hold possession
of the goods for him according to the
terms Of the document.
3. Prior to the notification of such
bailee by the transferOr or transferee
VI d IOuIICSO lIGDI6 uOCuulGuL Oh IllICs
the title of the transferee to the goods
and the right to acquire the obligation
OIL such ballee may be defeated by the
levy of an attachment or execution
upon the goods by creditor Of the
tranSferOr, or by a notification to such
bailee by the tranSferOr or q subse-
Quent purchaser from the tranSferor
Of q subsequent sale of the goods by
" Section i684t-35. Where a negotia-
bic document of title is transferred for
H.
of the transferor is essential for ne
gOtiatiOn, the tranSferee acquires a
raiGht against the transferOr to compel
him to indorse the document unless q
contrary intention appears. The ne
gOtiatiOn shall take effect as of the
time when the Endorsement is actually
made.
Section 1684t-36. a person who for
value negOtiates or transfers a dOcu-
ment of title by Endorsement or de-
livery, including one who assigns for
value a claim secured by document
of title unless a contrary Intention APP
pears, warrants:
: % That the document is genuine;
90 That he has a legal right to me-
gotiate or transfer it;
go That he has knowledge Of no
fact which would impair the validity
o rworth Of the document, and
"a That he has right to transfer
the title to the goods, and that the
good are merchantable or fit for
particular purpose, whenever such
WdlranLlGS WOulQ nave DG6n implied
if the contract of the parties had been
to transfer without q document of tito
the goods represented thereby.
Section 1684t-37. The Endorsement
of a document of title shah not make
the indorser liable for any failure on
the part of the bailee who issued the
document or previous indOrsers there
of to fulfill their respective obligations.
Section 1684t-3S The validity Of
the negotiation of a negotiable d0cu-
ment of title is not impaired by tho
fact that the negotiation was a breach
of duty on the part of the person MAX
ing the negotiation, or by the fact that
the owner of the document was induced
by fraud, mistake or dureSS to entruSt
The possession or custody thereof TO
such person, if the person to whom the
document was negotiated or a person
ly negotiated paid value therefor, with
out notice of the breach of duty, or
fraud, mistake or duress.
Section 16S4t-39. If goods are de-
livered to a bailee by the owner or by
person whose act in conveying the
title to them TO purchaser in GOOD
faILA for value would bind the owner,
and a negotiable document of title is
issued for Them they cannot there
after while in the possession of such
bailee, be attached by garnishment or
otherwise or be levied upon under eX~
ecution unless the document be first
surrendered to the bailee Q" it's ncgo-
tiation enjoined. The bailee shall In
no case be compelled to deliver up the