Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-04-09

good faith for value, and also such I'M.
to the goods AZ the depositoF OF perSon y
whose order the goods were to b DELIVER
by the terms Of the receipt had o. hsS
ability to convey to a purchaser In soeS,
tb) The direct obligation OF n.
warehouseman to hold possession Of H.
goods for him according TO the terms ~
the receipt as fully as II the warehouse.
man had contracted directly with him.
ceipt has been transferred but not Nero.
tiated. acquires thereby, as against ia
transferor, the title of the Foods
subject to the terms or any agreement
If the receipt is non-negotiable such
person also acquires the right to nosifv
the warehouseman OF the transfer d
him Of such receipt. and thereby to &C.
quire the direct obligation OF the ware.
houseman to hold possession Of IN.
goods for him according to the terms
of the receipt.
Prior to the notification Of the ware.
housemsn by the trsn;isror or trans
title Of the transfers. to the goods ana
the right to acquire the obligation Of
the warehouseman may be defeated by
the levy of an attachment or execution
upon the goods by a creditor OF ths
transferor. or by a notification to ths
warehouseman by the transferor or 4
subsequent purchaser from the trans.
feror Of subsequent sale Of the goods
Section IS. where q negotiable re-.
ceipt is transferred for value by IA.
livery. and the Endorsement Of the trans.
feror is essential for negotiation, the
transferor to compel him to indorse The
receipt, unless a contrary intention an.
pears The negotiation shall take 81.
feet as Of the time when the indorse.
ment Is actually made.
Section A. A person who for valus
negotiates or transfers receipt by In.
dorsement or delivery. including on.
who assigns for value a claim secured
by receipt, unless contrary Intention
appears, warrants:
ta) That the receipt Is genuine.
(b) That he has legal fight to neso.
tate or transfer it.,
(c) That he has knowledge OF no fac,
which would impair the validity or wora
of the receipt, and
I'D That he has a right to transfer
the title to the goods and that the goods
are merchantable or fit for a particular
purpose whenever such ,warrant.s
Of the parties had been to transfer
without a receipt the goods representa-
thereby.
Section As. The Endorsement of 70.
ceipt shall not make the indorser labls
for any failure on the part Of the ware.
houseman or previous indorsers OF the
receipt to fulfill their respective obi.
cations.
holder for security of a receipt who IN
good faith demands or receives payment
of the debt for which such receipt "A
security, whether from party TO A
draft drawn for such debt or from any
other person, shall not by so doing be
deemed to represent or to warrant the
genuineness Of such receipt or the auan.
tity or quality of the goods therein
Section AZ. The validity OF the nero.
tiation of receipt is not impaired by
the fact that such negotiation was
breach of duty on the part Of the per.
son making the negotiation. or by the
fact that the owner Of the receipt was
induced by fraud. mistake. or duress 10
entrust the possession or custody Of the
receipt to such person. If the person 10
whom the receipt was negotiated. or A
person to whom the receipt was subse
for, without notice of the breach OF duty,
or fraud, mistake or dureSs
Section As. Where a person having
sold, mortgaged, or pledged goods which
are In warehouse and for which A
negotiable receipt has been issued, Or
having sold. mortgaged. or pledged tho
negotiable receipt representing such
goods. continues in possession OF the
tiation thereof by that person under
any sale or other disposition thereof 10
any person receiving the same in good
faith. for value and without notice OF
me previous sale. mortgage or pledge,
shall have the same effect as If the first
purchaser of the goods or receipt lad
expressly authorized the subsequen.
negotiation.
Section 40. Where a negotiable re.
ceipt has been issued for goods. no sell.
er's lien OF right of stoppage In tran.
stu shall defeat the rights Of any pur.
CHASER Tor 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 issued such receipt
of the sellers claim to a lien or right
or stoppage in transitu. Nor shall the
warehouseman be obliged to deliver
or justified in delivering the goods to
an unpaid seller unless the receipt 10
first surrendered for cancellation.
Section so warehouseman or any
officer. agent or servant of a warehouse.
man, who issues or aids in Issuing a re-.
celpt knowing that the goods for which
such receipt is issued have not been
actually received by such warehouse
man. or are not under his actual control
az the time or issuing such receipt shall
be guilty of crime. and upon convic.
ton shall be punished for each offense
by Imprisonment not exceeding five
years. or by a fine not exceeding five
thousand dollars, or by both
Section 81. A warehouseman. or any
oHcer. agent or servant Of a warehouse.
man., who fraudently issues or aids in
fraudulently issuing a receipt of goods
knowing that 1t contains any false state
ment, shall be guilty Of crime and
upon conviction shall be punished for
each onense by Imprisonment not ex.
ceeding one year. or by a fine not ex.
ceed1ng one thousand dollars, or BY
Section 81. A warehouseman. or any
ofncer's agent, or servant of a ware
no9seman who issues or aids In issuing
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 'Dupll-
cate except in the case of a lost or
destroyed receipt after proceedings as
provided for in section fourteen, shall
pc guilty OF crime, and upon convo-
tion shall be punished for each offense
py imprisonment not exceeding five
years. or by fine not exceeding five
thousand dollars, or by both.
Section So. Where there are deposited
WIN or held by warehouseman goods
or 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 or. aids in issuing a
negotiable receipt for such goods which
does not state such ownership, shall be
guilty. OF crime. and upon conviction
snail De punished for each offense by
Imprisonment not exceeding one year,
or py q fine not exceeding one thousand
dollars, or by both.
section 81. A warehouseman, or any
uiicer, agent, or servant of a warehouse