St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1913-05-02

houseman.s claim as shall not be paid b,
the proceeds Of the sale Of the property.
have been lawfully sold to satisfy a ware.
houseman's lien, or have been lawfully SOLD
or disposed of because of their perishable
not thereafter be liable for failure to deliver
the goods to the deposition, or owner Of the
goods, or to holder of the receipt, given fo1
the goods when they were deposited, ever
If such receipt be negotiable.
NEGOTIATION y TgANsFER OF RE
Sec. CHARACTERIZATION OF NEGOTI.
RECEIPTS BY DELIVERY.) A negoti.
ta) Where, by the terms of the receipt, tn,
warehouseman undertakes to deliver the good:
u) Where. by the terms Of the receipt, thu
warehouseman undertakes to deliver the goods
to the order of a specified. person, and such
p pers9n ba or ,n a subsequent q N n1 1n n zee % Of the re-
Where, by the terms of a negotiable re.
ceipt, the goods are deliverable to bearer o,
where a negotiable receipt has been Endorsed
in blank Or to bearer, any holder may indorst
the same to himself or to any other specified
person.. and in such case Nthe receipt shall
thereafter be negotiated only by the indorse-
Sec. STANDARDIZATION OF NEGor.
ABLE RECEIPTS BY INDORsEMENT.) A
receipt may be negotiated by the
goods are, by the terms Of the receipt, de.
liverab!e. Such Endorsement may be in blank
to bearer or to a specified person. If in
by the Endorsement Of such per.
son In blank. to bearer or to another specified
person. Subsequent negotiation may be made
m se sHs ss a.an4sR; OF RECEIPTS, A
receipt which is not in such form that II
can be negotiated by delivery may be trans
ferred by the holder by delivery to a purchase,
or donee.
A non-negotiable receipt cannot be neson.
ated, and the Endorsement Of such q receipt
Sec. 4O.-(WHO MAY NEGOTIATE A RE
CEIPT.) A negotiable receipt may be negoh'
ated:
(a) By the owner thereof, or
() BY any person to whom the possession
BY the owner, if. by yei the terms Of the e" receipt
goods to the order Of the person to whom
the possession Or custody Of the receipt ha.
been entrusted. Or II at the time of such en-.
trusting the receipt is in such form that Il
Sec. 41.-lRIGHTs OF PERSON TO WHOM
A RECEIPT HAS BEEN NEGOT1ATED) A
person to whom a negotiable receipt ha.
(al Such title to the goods as the person
negotiating the receipt to him had or hat
for value, and also such title to the good.
as the depositor or person to whose ordel
the goods were to be delivered by the terms
vey to a purchaser in good faith for value
() The direct obligation Of the warehouse
according to the terms Of the receipt as full
as II the warehouseman had contracted directl!
Sec. 42.-(R1GHTs OF PERSON TO WHOM
A RECEIPT HAS BEEN TRANSFERRED.
A person to whom a receipt has been trans
against the transfer, the title Of the goods
subject to the terms Of any agreement with tn,
transferor.
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 O
the goods for him according to tho terms O
the receipt.
Prior to the notification Of the warehouse
man by the transferror or transferee Of a non.
negotiable receipt, the title Of the TRANSFERS
to the goods and the. right to acquire tn,
feated by the levy Of an attachment or execu
ton upon the goods by a creditor of the trans
feror. or by a notification to the warehouse
man by. the transferor or a subsequent pur
chaser from the transferor Of a subseQuen
sale Of the goods by the transferor.
Sec. 43.-(TRANsFER OF NEGoTIABLI
Where a negotiable receipt is transferred 70
value by delivery. and the Endorsement of tn
transferor is ESSENTIAL for negotiation. the trans
tie tere eom asd0i him { 70 1 lndorss ef ihe receipt she t1 uniess
contrary intention appears. The negotiation
shall take effect as Of the time when the in
Sec. M.-(wARRRlNTs ON SALE OF RE
CEIPT.) A person who for value negotiate
or transfers a receipt by Endorsement or de
livery, including one who assigns for value
claim secured by a receipt, unless a %contrar:
intention appears, warrants
() That the receipt is genuine.
() That he has knowledge Of no fact which
would impair the validity or worth of the re
() That he has a right to transfer tn
title to the goods and that the goods are mer
ever such warranties YOU'D have been implied
If the contract Of the parties had been t
transfer without a receipt the goods repre-
sse; 45NGNDoRsER NOT A. euARAN
ToR.) The Endorsement of a receipt shall no
make the indorser liable for any failure OF
the part of the warehouseman or previous in
dorsers Of the receipt to fulfil their respectiv
obligations.
ses; 4s:INo WARRANTY 1MPL1ED FRoa
MORTGAGE. Pledge or holder for security of G
receipt WIG in good faith demands or receive
security, whether from a party or a draf
drawn for such debt or from any other person
shall not by SO doing. be deemed to represent O
to warrant the genuinenesS of such receipt q
the quantity or quality Of the goods therein
See: E.-WHEN SPECIFICATION NOT IN
DUREss.) The validity Of the negotiation Of
receipt is not impaired by the fact that suc]
NEGOTIATION Was q DTeaCl or uuly On Ine par
Of the person making the negotiation, or by tn
fact that the owner of the receipt was induced
by fraud, mistake. or duress to entrust tn
possession or custody Of the receipt to such per
son, II the person to whom the receipt wa
negotiated. or a person to whom the receip
was subsequently negotiated, paid value there
for, without notice Of the breach Of duty, o
fraud, mistake or duress.
Sec. 4s.-(sUBsEQUENT NEGOTIATION.
pledged goods which are in a warehouse an,
for which a negotiable receipt has been is
sued. or having sold, mortgaged, or pledge'
the negotiable receipt representing such goods
continues in possession Of the negotiable re
ceipt, the subsequent negotiation thereof b,
that person under any sale. or other disposition
thereof to any person receiving the same ii
previous sale. mortgage or pledge. shall hav
the same effect as If the first purchaser Of tn
goods or receipt had expressly authorized tn
subsequent negotiation.
Sec. 49.-NEGOTIATION DEFEATS e.
DORIS LEM Where a negotiable receipt ha.
been issued for goods, no sellers lien or RICH
Of stoppage IN transit shall defeat the right
whom such receipt has been negotiated
whether such negotiation be prior or subse
quent to the notification to the warehousemal
who issued such receipt Of the sellers CLAIM
to 2 lien or right of stoppage in transit. Nc
shall the warehouseman be Obliged to delive
paid seller unless the receipt is first surren
dered for cancellation.
PART ~.
CRIMINAL OFFENSES.
Sec. 50.-IssUE OF RECEIPT FOR GOOD!
NOT RECEIVED.) A warehouseman, or an,
officer, agent, or servant of a. warehouseman