Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-04-11

tfonal right.
Sec. 80. A negotiable document OF
title may be negotiated
(a) BY the owner thereof. or
co BY any person to whom the
possession or custody OF the docu-
ment has been entrusted by the
owner. If. by the terms Of the docu-
ment the bailee issuing the docu-
ments undertakes to deliver the
goods to the order Of the person
to whom the possession or custody
of the document has been entrust-
ed. or If at the time of such en-
trusting the document is in such
form that it may be negotiated by
delivery.
Sec. 33. A person to whom a ne
Eotiable document Of title has been
duly negotiated acquires thereby:
(a) Such title to the goods as the
person negotiating the document to
MIN had or had ability to convey to
a purchaser in good faith for value
and also such title to the goods as
the person to whose order the goods
were to be delivered by the terms Of
the document had or had ability to
convey to a purchaser in good faith
for value, and
CD The direct obligation Of the
bailee issuing the document to hold
possession of the goods for him ac-
cordipg to the terms of the document
as fully as if such bailee had con-
tracted directly with him.
Sec. "a. A person to whom doc
ument of title has been transferred.
but not negotiated. acquires thereby.
as against the transferor, the title
to the goods, subject to the terms or
any agreement with the transferor.
If the document IS non-negotiable.
such person also acquires the right
to notify the bailee who issued the
document of the transfer thereof, and
thereby to acquire the direct obliga-
ton Of such bailee to hold posses
81 nrHi in Or
to the terms of the document.
Prior to the notification Of such
bailee by the transferor or transferee
of a non-negotiable document of title.
the title of the transferee to the
goods and the right to acquire the
Obligation of such bailee may be de-
fcated by the levy of an attachment
or execution upon the goods by
creditor of the TRANSFORM, or by a
notification to such bailee by the
from the transferor Of subsequent
sale of the goods by the transferor.
Sec 35. Where negotiable docu-
ment of title is transferred for value
by delivery. and the Endorsement OF
the transferor is essential for nego-
tiation, the transferee acquires
right against the tranSferOr to COM
pei him to indorse the document UNI
less contrary intention appears.
The negotiation shall take erect as
of the time Wnen the lndoTseIneHl Is
actually made.
Sec. Sc. A person who for value ne
gotiates or transfers a document of
title by Endorsement or delivery. IN
Guiding one who assigns for value
claim secured by a document of title
unless a contrary intention appears
warrants:
(aD That the document is genuine;
tb) That he has a legal right TO
! negotiate or transfer it:
(c) That he has knowledge OF no
| fact which would impair the validity
! or worth of the document. and
Cd That he has right to ira MS
| fer the title to the goods and that
| the goods are understandable or fit for
| n particular purpose. whenever such
warrantios would have been implied
! if the contract of the parties had
| been to transfer without document
| of title the goods represented thereby.
Sec. 81. The Endorsement of a doc
umcnt of title shall not make the in
, dorser liable for any failure on the
| part Of the bailee who issued the doc
| tIment or previous indorSers thereof
| to fulfll their respectivc' obligations.
| Soc. So. The validity of the neSo-
| tiation of a negotiable document of
| title is not impaired by the tact that
/ the negotiation was a breach of duty
on the part of the person making
| the negotiation, or by. the fact that
| the owner of the document was in
duced by fraud mistake or duress
TO entrust the possession or custody
| thereof to. such person. if the per-
son to whom the document was ne
gotiated or person to whom the
document was subsequently negotiat-
ed paid value therefor, without no.
tice OF the breach of duty, or fraud.
mistake. or duress.
Sec. 80. If goods are delivered to
bailee by the owner or by person
whose act in conveying the title to
) them to a purchaser in good faith
for value would bind the owner and
| a negotiable document of title is is
sued for them. they cannot thereafter.
| while in the possession of such
bailee, be attached by garnishment or
| otherwise or be levied under an exc
| cution unless the document be first
surrendered to the bailee or its ne
Eotiation enjoined The bailee shall
! in no case be compelled to deliver up
| the actual possession of the goods I'M
! til the document is surrendered to
| him or impounded by the court.
| Sec 40 A creditor whose debtor Is
! the owner of Il negotiable document
of title shall be entitled to such aid
from courts of appropriate jurisdlc-
| ton by injunction and otherwise in
! attaching such document or in salts
! flying the claim by means thereof as
! is allowed at law or in equity in re-
! gard to property which cannot read
| lily be attached or levied upon by
ordinary legal process.
PART III
PER FORNIANCE OF THE CONTRACT
Sec. Al. 1t is the duty of the seller
to deliver the goods. and of the buyer
to accept and pay for them. in accord
| ancc with the terms of the contract
to sell or sale.
Sec. AZ Unless otherwise agreed,
! delivery of the goods and payment of
the price are concurrent conditions:
that is to say, the seller must be
| ready and willing 10 give possession
| of the goods to the buyer in exchange
| be ready and willing to pay the price
in exchange for possession Of the
-, goods.
Sec. 40. ND Whether it is for
the buyer to take possession of the
| goods or for the seller to send them
| to the buyer is a question depending
| in each case on the contract, eN-
press or implied, between the parties.
| Apart from any such contract, eN-
press or implied. or usage of trade
to the contrary, the place of delivery
| is the sellers place of business if he
! have one. and if not his residence;
| but in case of a contract to sell or a
sale of specific goods. which to the
knowledge of the parties when the
! contract or the sale was made were
in some other place. then that place
! is the place of delivery.
| (2) Where by a contract to sell
| or a sale the seller is bound to send
| the goods to the buyer. but no time
! for sending them is fixed. the seller
! is bound to send them within a rea-
| sonablc time.
(3) When the goods at the time of
sale are in the possession of a third
person. the seller has not fulfilled his
! obligation to deliver to the buyer UNI
| less and until such third person ac-
! Ilnowledges to the buyer that he
| holds the goods on the buyers be-
| half: but as against all others than