Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1913-05-09

tu.Sn0ut IS Il tne
sell such. goods he may u ispose of them in
any alaWtul manner, and shall incur NO
The proeeeds ssSh IN nv saie under the
the same way % the psoseeds Of sales made
unsss So ssat' SRonc
herein provided does not ip PRE- any other
Of q lien against personal property nor 33sbar
the right to recover 30 much OF the ware
houseman's claim ~ shall not be paid by
rs 1es
nave been lawfully, sold to satisfy . ware
s.ess: ss
or hazardous nature, the warehouseman shall
not thereafter be liable for failure to deliver
goods, Of to holder 81 he receipt given for
il such receipt s. nesotiable. 5.
n PART III. 9 s II sF.. 3s
NEGOTIATION ~ I! T q AND TRANSFER OF RE-
II Sec. B7.(NEGOTIATIO Il. OF. NEGOTI-
ABLD RECEIPTS BY DELIvERY.) "a 4negoti-
able receipt may be negotiated by delivefy:t 8
RI (a) Where, by the terms of the receipt. the
warehouseman undertakes to deliver the goods
y b5 Where. By tho terms Of the receipt, the
warehouseman undertakes to deliver the goods
person or q subsequent indoreee Of; the 5re-
ceipt has Endorsed It in blank or to bearer
ceipt. the goods are deliverable to bearer or
where q negotiable receipt has been Endorsed
in blank Or to bearer, any holder may indorse
person. and. IN such case the receipt shall
thereafter be negotiated only by the indorse-
Sec. STANDARDIZATION OF, NEGor1.
ABLE RECEIPTS By ENDORSEMENT "A
receipt may be negotiated by the
Endorsement Of the person to whose order the
FhAS knrvr - k11A 0eAf-
liverable. Such Enforcement may be in blank,
to bearer or to specified person. II in
neeotated BY De the of such Ds per
son in blank. to. bearer or to another specified
person. Subsequent negotiation may be made
IN SEE IKE s @annsF: OF REcE1prs.) 4
receipt which il not in such form that it
can be negotiated by delivery may be trans
or donee. s3s IE. I 80
A nom negotiable receipt cannot be nesoh..
Sec. 4O.-(WHO MAY NEGOTIATE A RE-
CE1PT.) A negotiable: receipt may DO negoti-
ated: 49, f-53 ~ p az ,GGzssTs ~.
a. BY the owner thereof, Or y. s-'o
(b) By any person to whom the possession
or custody Of. the receipt has been entrusted
the. .warehouseman undertakes to deliver the
the possession Or custody Of the receipt has
trusting the receipt il in such form that It
may be negotiated by delivery. s:
s sndP4 MAg ben &c PF RHsS r. M5o
person to whom negotiable receipt has
been duly , negotiated acquires t thereby:
the receipt to him had or had
ability to convey to a purchaser In good faith
for value, and also such title to the goods
the goods were to be delivered BY the terms term.
Of TIE receipt had or had ability to con-
vey to a purchaser in good faith for. value.
d. The direct obligation Of the warehouse
man to hold possession OF the goods for him
ain to the Of the
Sec z2-cR1GHTs OF PERSON 70 WHOM
A person to whom q receipt has been trans
ferred but not negotiated, acquires thereby, as
against the transfer, the title OF the goods.
subject to the terms OF any agreement with the
transferor. .,5. 81 b !
If the receipt lis non-negotiable suchOperson
housemsn of the he transfer to him Of such re,
ceipt, and thereby to acquire the direct obliga-
ton Of the warehouseman to hold possession Of
NE goods for him according to the terms OF
Prior to the notification Of the warehouse
man by the transferror or transfers. Of gon-s
to the goods and the right to acquire the
obligation Of the warehouseman may be de-
ton upon the goods by q creditor Of the trans-
feror or . by notification g the warehouse
sale Of the goods by the transferor.
Sec: 43.-crRANsFER OF NEGoTIABLB
T Where negotiable receipt Is transfeered for
transferor is ESSENTIAL for negotiation the trans
to compel him to indorse the receipt. unless a
contrary intention appears. The negotiation
shall take effect as Of the time when the In
:. Sec. WARRANTS ON SALE OF RE-
cEIPT.) 4 person who Tor value negotiates
livery. including one who assigns for. value a
claim secured Ry receipt. unless contrary
(b) That he has a Legal right to negotiate
(e9 5 That i: h.. knowledge Of no fact which
would impair the validity Or worth q the re-
: "a That he has : right to transfer the
charitable or Mt for a particular purpose when
ever such warranties would have been implied,
tn: contract Of the parties had been
Sec; 4s:.qNpoRsER NOT \ euARAN;
make the indorser liable for any failure on
the part Of the warehouseman or previous in.
dorsers Of the receipt to fulnl their respective
Sec. .4e.-(No WARRANTY IMPLIED FROM
ACCEPTING PAYMENT OF A DEBT) A
receipt who in good faith demands or receives
payment Of the debt for which such receipt is
security, wnetner from "a party Or q dra1t
oraWn IcE sucn aep. OF tTom any otner person.
shall NOT py so DONG pc oeemed 10 represent or
to warrant the eenuineness Q. sucn receipt. or
the Guanuty or Quanty OF the sooos tnefeln
oescDe11 ryrr,, a,,,rr.o,y rrony x,,r,,;, s; ~
Sec: 41.-IWHEM n, NEGoTlATl0N NOT IN,
DUREss.) Inc validity or the negotiation Of e
nsSnf;a +;on waa % hreech - lS,,tv ~ tha -
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 per.