The Birmingham age-herald., 1915-10-23
SEVENTEEN

holder for security of a receipt who in good faith demands or receives pay
 ment or the debt for which receipt is
 security, whether from party to a
 draft drawn for such debt or from any other person, shall not by so doing be deemed 10 represent or to warrant the
 genuineness of such receipt or the
 quantity or quality of the goods there
 in described.
 Sec. 47. The validity of the negotia- ton of a receipt Is not impaired by the fact that such negotiation was breach or duty on the part of the person ma,k- ing the negotiation. or by the fact ~. t the owner of the receipt was induced by fraud, mistake, or duress to entrust the possession or custody of the receipt
 to such person. if the person to whom the receipt was negotiated, or a person to whom the receipt was subsequently negotiated, paid value therefor. with out notice of the breach of duty. or
 fraud, mistake or duress
 See 4s. Where a person having sold.
 mortgaged or pledged goods which are
 in a warehouse and for which a nego- 1 tfable receipt has been issued, or hay ing sold, mortgaged, or pledged the ne gotiable receipt representing such
 goods. continues in possession of the lhesotiable receipt. the subsequent ne- gotiation 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 l of tho previous sale mortgage or pledge, shall have the same effect as
 If the first purchaser of the goods or 1 receipt had expressly authorized the
 subsequent negotiation.
 sec. AZ. Where negotiable receipt has been issued for goods, no sellers
 lien or right of stoppage in transit
 shall defeat the rights of any purch-
 aser for value in good faith to whom Tt whether such negotiation be prior or
 subseauent to the notification to the lwarehouseman who issued such receipt
 Of the sellers claim to a lien or right
 Of stoppage in transfer. Nor shall the
 warehouseman be obliged to deliver | or Justified in delivering the goods to
 an unpaid seller unless the receipt is | nrst surrendered for cancellation. section DO. A warehouseman, or any olIicer agent, or servant of ware | houseman. who issues, or aids in issuing
 receipt knowing that the goods for which such receipt is Issued have not been actually received by such ware houseman, or are not under his actual control at the time of issuing such re- eeipt, shall be guilty of a crime, and upon conviction shall be punished for
 each offense by imprisonment not ex- lceeding five years, or by fine not ex- ceeding s50oo. or by both
 Sec. b1. A warehouseman, or any of- ncer, agent or servant of a warehouse | man, who fraudulently issues or aids in fraudulently issuing q receipt for goods Knowing that it contains any false statement, shall be guilty of crime. and upon conviction shall be punished for each offense by Imprisonment not exceeding one year, or by a fine not ex- ceeding s1000 or by both.
 Sec. 52. warehouseman, or any of- ficer. agent or servant of a warehouse ln0 d. duplicate or additional negotiable re- ceipt for goods knowing that a former negotiable receipt for the same goods or any part of them Is outstanding and uncancelled, without plainly placing upon the face thereof the word "dupli- cate" except in the case of lost or de- stroyed receipt after proceedings as provided for in section IA. shall be guilty of crime. and upon conviction shall be punished for each offense by Imprisonment not exceeding five years, or by fine not exceeding 5000, or by both.
 Sec. 5s. Where there are deposited with or held by warehouseman 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 aids In issuing sa negotiable receipt for such goods which does not state such ownership, shall be guilty of crime, and upon conviction shall be punished for each offense bv Imprisonment not exceeding one year, or by fine not exceeding 5000 or by both.
 Sec. 54. A warehouseman, or any of- ficer. agent. or servant of warehouse
 man who delivers goods out of the pos
 session of such warehouseman, knowing that negotiable receipt the negota-
 tion of which would transfer the right
 aQGn of pttah A1c l.
 standing and uncancelled, without ob- taining the possession of such receipt at or before the time of such delivery, shall. except in the case provided for In sections 14 and 36. be guilty of crime. and upon conviction shall be punished exceeding one year. or by fine not exceeding 5000 or by both.
 Section 5b Any person who deposits good to which he has not title. or upon which there is lien or mortgage. and who takes for such goods a negotia- ble receipt which he afterwards ne- gotiates for value with intent to de- ceive and without disclosing his want of title or the existence of the lien or mortgage must on conviction be pun ished as if he had stolen the same.
 Section b6. In any case not provided for in this act, the rules of law and equity, including the law merchant. and in particular the rules relating to the law of principal and agent and to the effect of fraud, misrepresentation, due ress or coercion, mistake, bankruptcy. or other invalidating cause. shall Gov- ern.
 Sec 57. This act shall be so inter- preted and construed as to effectuate ito general purpose to make uniform the law of those states which enact It.
 Section 5S. CD In this act, unless the context or subject-matter otherwise TO- stAcffon' claim. set off, and suit in equity De possession from one person to another "Fungible goods" means goods of which any unit is from it's nature or by mer- cantile custom treated the equiva- lent of any other unit. Goods" means chattels or merchandise In storage, or which has been or is about to be stored. Holder" of a receipt means a person who has both actual possession of such receipt and a right of property therein. "Order" means an order by indorsemsnt on the receipt. owner does not in- clude mortgagee or pledgee. Person includes corporation or partnership or two more persons having a Joint or common interest. To purchase" in- cludes to take as mortgages or as pledgee. Purchaser includes mort . gagee and pledgee. Receipt" means a warehouse receipt. Value Is any con- sideration sufficient to support sim pie contract. An antecedent or pre- existing obligation, whether for money or not, constitutes value where a re- ceipt is taken either in satisfaction