The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1913-05-02

man. may sell the goods at publtcs-or private
man after a reasonable EFFORT Is unable to
sell such goods, he may dispose Of them in
any lawful manner, and shall :. incur no
+ The proceeds OF any sale made under the
terms of this section shall be disposed Of In
the same way as the proceeds Of sales made
Sec s5.'to 5rf 81 Nj METHODS of ESFoRc-
ING LIENs:) The remedy for enforcing lien
does be- mot e ee
Of lien against personal property. nor bar
the right to recover SO much Of, the ware
the proceeds Of the sale of the property E
Sec. 36.-tEFFECT OF sALE.} After goods
have been lawfully sold to satisfy a ware
or disposed Of because of their perishable
or hazardous nature. the warehouseman shall
not not the ad be liable for failure to deliver
goods, or to holder Of the receipt given for
the goods when they were deposited, even
IT such receipt be negotiable. ..
NEGOTIATION AND SP,n TRANSFER OF RE-
Sec CHARACTERIZATION OF NEGoT1-
ABLE RECEIPTS BY DELIVERY A negoti-
able receipt may be negotiated by delivery:
(a) Where, by the terms Of the receipt, the
warehouseman undertakes to deliver the goods
(b j Where by the terms Of the receipt, the
to the order of a specified person. and SUCH
person or subsequent indorsee of the re-
ceipt has Endorsed 1t in blank or to bearer.
ceipt the goods are deliverable to bearer or
where negotiable receipt has been Endorsed
blank Or r to holder may
person. and in such case the receipt shall
thereafter be negotiated only by the indorse-
Sec s S. s7Sea59si OF NEeon-
ABLE RECEIPTS BY ,1NDoRsEMENT) A
negotiable receipt may be negotiated by the
goods are, BY the terms Of the receipt dee
iiverable. Such indorsement may be in blank,
to bearer or to a specified person. If in
negotiated by the Endorsement Of such per-
son in blank, to bearer or to another specified
person. Subsequent negotiation may be made
Sen enc ss.M 1TSF OF REcE1Prs.) A
receipt which Is not in such form that it
p by e sdr y dee to s
or donee
A non:negotlable receipt cannot be neeoti-
gives the transfers. . 0 no additional right.
Sec. O-(WHO MAY NEGOTIATE A RE-
cEdPr3 A negotiable receipt may be nesoti-
(a) BY the owner thereof, or
tb) BY any person to whom the possession
Gus fpustody Of the receipt has been be
the warehouseman undertakes to deliver the
goods to the order Of the person to whom
been entrusted, Or if at the time Of such en-
trusting the receipt is in such form that it
may be negotiated by delivery
Sci SHo 3F MAg ben &c PFHsSS H2 MoH
person to whom a negotiable receipt has
been duly ,5 negotiated ACQUIRES thereby
negotiating the receipt to him had or had
ability to convey to purchaser in good faith
for value, and also such title to the goods
goods set the
vey to a purchaser in good faith for value.
(b) The direct obligation Of the warehouse
man to hold possession OF the goods for him
as If the warehouseman had contracted directly
Sec. 42-R1GHrs OF PERSON TO WHOM
A person to whom a 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.
If the receipt is non-negotiable such person
also acquires the right to notify the ware
houseman Of the transfer to him of such re-
ceipt, and thereby to acquire the direct obliga-
ton OF the warehouseman to hold possession Of
the goods for him according to the terms of
the receipt.
Prior to the notification, of the warehouse
negotiable receipt, the title Of the transferee
to tf GOODS f ts sad to the
ton upon the goods by creditor Of the trans
feror. or by a notification to the warehouse
chaser from the transferor Of subsequent
sale Of tse s9Sas Sy the ans
Where, negotiable receipt Is transferred for
value by delivery. and the Endorsement Of the
feree acquires rght r against the transfepor
to compel him to indorse the receipt. unless q
eSn tt t5s The
dOrSement Is actually made.
Sec: 44.-tWARRANTs ON SALE OF RE-
cElPT1 A person who for value negotiates
livery. including one who assigns for value a
claim secured BY receipt, unless a contrary
(a) That the receipt is genuine.
(b) That he has legal right to negotiate
(cj That he has knowledge Of no fact which
would impair the validity or worth Of the re-
(d) That he has right to transfer the
title to the goods and that the goods are mer-
charitable or fit for a particular purpose when
eyer such warranties would have been implied,
transfer without receipt the goods repre-
Sec: :4 s:NGfNDoRsER NOT. A GUARAN-
TORI The Endorsement of a receipt shall not
make the indorser liable for any failure on
the part OF the warehouseman or previous in
dorsers of the receipt to fulfil their respective
obiga lions.
Sc; $3.50 WARRANTY IMPLIED FROM
mortgagee pledge or holder for security of a
receipt who in good faith demands or receives
payment Of the debt for which such receipt is
security, whether from a party or draft
drawn for such debt or from any other person,
shall not by so doing be deemed to represent OF
the quantity or quality Of the goods therein
Sec 47-lwHEN NEGOTIATION NOT I'M
DGREss) The validity Of the negotiation h Of t a
receipt is not impaired by the fact that such
nos hx$t ,o
fact that the owner of the receipt was induced
by fraud, mistake, duress to entrust the
son, If the person to whom the receipt was
negotiated. or a person to whom the receipt
was subsequently negotiated: paid value there
for. without notice Of the breach Of duty, or
Sec. 4s.-(sUBsEoUENT NEGOTIATION. }
n Maere op9 having sod
for which negotiable receipt has been is
sued, or having sold, mortgaged, or pledged
continues in possession of the negotiable re-
ceipt the subsequent negotiation thereof by
that person Under any sale, or other disposition
thereof to any person receiving the same in
good faith. for value and without notice Of the
previous PR sale. mortgage or pledge. shall have
goods or receipt had expressly authorized the
S.; 425SEeoTTAr1oN DEFEATS VEN
DORIS L1ENo Where negotiable receipt has
been issued for goods. no sellers lien or right
Of stoppage In transit shall defeat the rights
OF any purchaser for value In good faith to
whom such receipt has been negotiated,
whether such negotiation be prior or subse-
quent to the notification to the warehouseman
who issued such receipt Of the sellers claim
to lien or right Of stoppage in transit Nor
shall the warehouseman be obliged to deliver
or justified in delivering the goods to an I'M
PAID seller unless the receipt In drst surren-
dered for cancellation.
PART Nv.
CRIMINAL oFFENsEs.
-TSST1E D.
NOT RECE1VED) A warehouseman. or any
ot1cer agent, or servant of q Warehouseman
who issues or aids in issuing a receipt know
ing that the goods for which such receipt is