The Palatka news and advertiser., 1917-07-27


'r non-negotiable receipt the title of the tran
feree to the goods and the right to acquire Il
% obligation of the warehouseman may be d
feated by the levy of an attachment or ex
e cution upon the goods by creditor of Il
a transferer, or by notification to the war
e houseman by the transferee or subseque
|. purchaser from the transferer OF subseque
IS sale OF the goods by the .transferer.
IS Sec. 43. Transfer Of Negotiable Recei
+ Without Endorsement.-Wher negotiable r
e ceipt is transferred for value by delivery, ar
l. the Endorsement OF the transferer is essenti
5 for negotiation, the transferee acquires
e right against the tranferer to compel him
e indorse the receipt, unless a contrary inte
ton appeals The negotiation shall tax
r effect as of the time when the indorsemel
n is actually made.
+ Sec. A. Warranties on Sale of Receipt
e person who for value negotiates or transfer
receipt by Endorsement or delivery, inclu'
I ing one who assigns for value claim s.
: cured by receipt, unless contrary inter
E ton appears, warrants
(a) That the receipt is genuine;
r (b) That he has legal right to negotat
or transfer it;
(c) That he has knowledge of no fact whic
would impair the validity or worth of tn
receipt; and
(dj That he has a right to transfer the It'll
} to the goods and that the goods are mel
chantable or fit for particular purpose wher
ever such warrantes would have been in
piled, if the contract of the parties had bee
sented thereby.
Sec. 45. Indorser Not Guarantor.-The ir
dorsement OF receipt shall not make tn
indorser liable for any failure on the part O
the warehouseman or previous indorsers. o
the receipt to fulfill their respective obliga
tons.
Sec. 46. No Warranty Implied From Ac
cepting Payment of a Debt.-A mortgagee
pledges or holder for security of receipt whC
in good faith demands or receives paymen
of the debt for which such receipt is security
whether from a party to draft drawn fo
such debt or from any other person, shall no
by SO doing be deemed to represent or tt
warrant the genuneness of such receipt or thu
quantity quality of the goods therein de
scribed
Sec47. When Negotiations Not impaired
by Fraud, Mistake or Duress.-The validity
of the negotiation of receipt is not impaired
by the fact that such negotiation was
breach of duty on the part of the person max
ing 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 person, il
the person to whom the receipt negotiated
or a person to whom the receipt was subse-
quently negotiated, paid value therefor, with
out notice OF the breach of duty, or fraud,
mistake or duress
Sec. 49, Subsequent Negotiation a
person having sold, mortgaged or pledged
goods which in warehouse and for
which negotiable receipt has been issued,
or having sold, mortgaged pledged the
negotiable receipt, representing such goods
continues in possession of the negotiable re-
ceipt, the subsequent negotiation thereof by
that person under any sale, or other dispoG'
ton thereof to any person receiving the same
in good faith, for value and without notice
of the previous sale, mortgage pledge, shall
have the same effect as if the first purchaser
of the goods or receipt had expressly au.
thorzed the subsequent negotiation
Sec. 40. Negotiation Defeats Vendors Lien
N.o1I hoo
for goods, no sellers lien right Of stoppage
in transtu 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 subsequent to
the notification to the warehouseman who is
sued such receipt of the sellers claim to
lien right of stoppage in transitu. Nor
shall the warehouseman be obliged to deliver
or justified in delivering the goods to an
unpaid seller unless the receipt is first sur
rendered for cancellation.
CRIMINAL OFFENSES.
Sec. 30. Issue Of Receipt for Goods Not
Received. "A warehouseman, or any officer,
agent, or servant of a warehouseman who
issues or aids in issuing a receipt knowing
that the goods for which such receipt is is
sued have not been actually received by such
warehousman, or are not under his actual
control at the time of issuing such receipt,
shall be guilty of crime, and upon convic.
ton shall be punished for each otfense by
imprisonment not exceeding five years.
by a fine not exceeding five thousand dollars,
or by both.
Sec 81. Issue of Receipt Containing False
Statement.-A warehouseman, any officer
agent or servant of a warehouseman who
fraudulently issues or aids in fraudulently
issuing a receipt for goods knowing that it
contains any false statement shall be guilty
OF crime, and upon conviction shall be
punished for each otfense by Imprisonment
exceeding $1,000. or by both.
Sec. So Issue of Duplicate Receipt Not
So Marked.-A warehouseman, or any Off
Ger, agent, or servant of a warehouseman,
who issues or aids in issuing a duplicate or
additional negotiable receipt for goods,
knowing that former negotiable receipt
outstanding and uncancelled, without plain
ly placing upon the face thereof the word
Duplicate" except in the case, of lost or
destroyed receipt after proceedings as pro-
vided for in Section IA, shall be guilty of a
crime, and upon conviction shall be pun
ished for each offense by imprisonment not
exceeding five years, or by a fine not ex-
ceeding $4,000, or by both.
Sec. SO, Issue for Warehouseman's Goods
of Receipts Which Do Not state That Fact.
Where there are deposited with or held by
a 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. know
ing this ownership, issues aids in ssu-
ing negotiable receipt for such goods which
loes not state such ownership. shall be gull
ty of a crime, and upon conviction shall be
punished for each offense by imprisonment
not exceeding one year, or Dy q nne not eS-
ceeding $1,000, by both
Sec. 81. Delivery of Goods Without OBJ
aiming Negotiable Receipt. A warehouse
man, or any officer agent, servant of
who delivers goods out of
he possession of such warehouseman,
tnowing that negotiable receipt, the nego-
iation of which would transfer the right
o the possession of such goods, is outstand-
ng and unCancelled, without obtaining the
possession OF such receipt at before the I
ases provided for in Sections II and &C. be !
Ound guilty of crime. and upon conviction
hall be punished for each offense by i'm
,risonment not exceeding one year. by t
inc not exceeding $1,000, by both.
Sec 81. Negotiation of Receipt for Mort T
aged Goods.-Any person who deposits
,OOds to which he has not title, or upon /
which there is lien or mortgage and who
axes for such goods a negotiable receipt
'hich he afterwards negotiates for value L
disclosing his want of title or the exist
nee OF the lien mortgage, shall be gull +
y of a crime, and upon conviction shall be
unished for each offenSe by imprisonment +
ot exceeding one year, or by fine not ex- :
eeding $1,000, or by both. e
INTERPRETATION
Sec. SC. When Rules of Common Law E
till Applicable.-In any case not provided
Dr in this Act the rules of law and equity ;,
Icluding the law merchant, and in partcu- :
IT the rules relating to the law of principal \,
nd agent and to the effect Of fraud, mis- $
ankruptcy, or other invalidating cause, p
nall govern n
Sec 81 Interpretation Shall Give Effect "
Purpose of CnfOrmity.-This Act shall c
p interpreted and construed to ef- Il
'ctuate its general purpose to make uni e
'rm the law of those States which enact it. "
Sec IS. DefinitiOn.-GD In this Act un- A
IS the context or subject matter other e