second, non-transferable or non-negotiable. Under the first of these classes, all property shall be transferable by the indorsement of the party to whose order such receipt may be issued, and such indorsement of the party shall be deemed a valid transfer of the property represented by such receipt, and may be in blank or to the order of another.

All receipts issued by any warehouseman or other person under this act, other than negotiable, shall have printed across their face in bold, distinct letters, in red ink, the words "nonnegotiable."

§ 284a. Colorado.'-Warehouse receipts for property stored in any public warehouse shall be transferable by the indorsement of the party to whose order such receipt may be issued, and such indorsement shall be deemed a valid transfer of the property represented by such receipt, and may be made either in blank or to the order of another, and the delivery of the receipt so indorsed shall be a valid delivery of the property mentioned therein; provided, however, that all warehouse receipts which shall have the words "not negotiable" plainly written, printed or stamped on the face thereof shall be exempt from the provisions of this section.

§ 285. Connecticut.-Warehouse receipts given for any goods, wares, merchandise, grain, flour, produce, or other commodity, stored or deposited with any warehouseman, may be transferred by indorsement thereof, and any person to whom the same may be so transferred shall be deemed and taken to be the owner of the goods, wares, and merchandise therein specified so far as to give validity to any pledge, lien, or transfer, made or created by any such person or persons; but no property shall be delivered except on surrender and cancellation of said original receipt, or the indorsement of such delivery thereon, in case of partial delivery. All warehouse receipts, however, which shall have the words "not ne

13 Mills Annot. Stats. 1896, § 4640j.

G. S. 1888, § 3971; Public Acts, 1878, c. 40, § 6.

gotiable " plainly written or stamped on the face thereof, shall be exempt from the provisions of this section.

§ 285a. Delaware.'-Warehouse receipts given for any goods, wares, merchandise, grain, flour, produce, petroleum, or other commodities stored or deposited with any warehouseman, wharfinger or other person in this state, or bills of lading or receipts for the same when in transit by cars or vessels to any such warehouseman, wharfinger or other person, shall be negotiable and may be transferred by indorsement and delivery of said receipt or bill of lading; and any person to whom the said bill of lading or receipt may be transferred shall be deemed and taken to be owner of the goods, wares, merchandise therein specified, so as to give security and validity to any lien created on the same, subject to the payment of freight and charges thereon; and no property on which such lien may have been created shall be delivered by said warehouseman, wharfinger or other person, except on the surrender and the cancellation of said original receipt or bill of lading, or in case of partial sale or release of the said merchandise by the written consent of the holder of said receipt or bill of lading indorsed thereon; provided, that all warehouse receipts or bills of lading which shall have the words "not negotiable" plainly written or stamped on the face thereof shall be exempt from the provisions of this act.

§ 285b. Georgia.-Every warehouseman shall, except as hereinafter provided, give to each person depositing property with him for storage a receipt therefor, which shall be negotiable in form; provided, however, that every such warehouseman shall, upon request of any person depositing property with him for storage, give to such person his non-negotiable receipt therefor, which receipt shall have the words "non-negotiable" plainly written, printed or stamped on the face thereof;

1R. Code .1893, p. 530; Laws of Banking Co. v. Peacock, 103 Ga. 171, Del., vol. 19, ch. 177. 29 S. E. Rep. 752.

Laws 1899, p. 84, § 4; Citizens'

and provided, that no assignment of such non-negotiable receipt shall be effective until recorded on the books of the warehouseman issuing it; provided further, that the non-negotiable receipt may be surrendered at any time by the owner thereof and a negotiable receipt issued in lieu of the same.

§ 285c. Idaho.-All checks or receipts given by any person operating any warehouse, commission house, forwarding house, mill, wharf or other place of storage for grain, flour, wool or other produce, or commodity stored or deposited, and all bills of lading and transportation receipts of every kind, are hereby declared negotiable, and may be transferred by indorsement of the party to whose order such check or receipt was given or issued, and such indorsement shall be deemed a valid transfer of the commodity represented by such receipt and may be made either in blank or to the order of another.

§ 286. Illinois.'-Warehouse receipts for property stored in any class of public warehouses, shall be transferable by the indorsement of the party to whose order such receipt may be issued, and such indorsement shall be deemed a valid transfer of the property represented by such receipt, and may be made either in blank or to the order of another. All warehouse receipts for property stored in public warehouses other than those used for storing grain in bulk shall distinctly state on their face the brand or distinguishing marks upon such property.

§ 287. Indiana.—All receipts issued by any warehouseman shall be negotiable and transferable by indorsement in blank, or by special indorsement, and with like liability as bills of exchange now are, and with like remedy thereon.

When any warehouse receipt is pledged as collateral se

1 Laws 1899, p. 8.

R. S. 1898, c. 114, § 156. See Chicago Dock Co. v. Foster, 48 Ill. 507; Canadian Bank v. McCrea, 106 Ill. 281; Mida v. Geissmann, 17 Ill. App. 207; Hoffman v. Schoyer, 143 Ill. 598, 28 N. E. Rep. 823; Sykes v. The Peo

ple, 127 Ill. 117, 19 N. E. Rep. 705. This statute has no application to bills of lading. Bankers' Nat. Bank v. Western Union Cold Storage Co., 73 Ill. App. 410.

Acts 1879, p. 232, § 3; Burns' R. S., § 8722.

curity, the pledgee shall have power to sell the same and transfer title thereto, in such manner and on such terms as may be agreed to in writing by the parties at the time of making the pledge.'

This statute does not apply to a receipt issued by a private warehouseman for his own property in his own warehouse. Thus a trader being about to purchase a large quantity of apples applied to a bank for a loan, and the bank agreed to make it, provided the trader would convert his storehouse into a public warehouse, by taking out a permit therefor under the statute, and would place the apples therein, and would issue warehouse receipts therefor and have them transferred to the bank as collateral security. This was accordingly done. The trader became bankrupt, and his assignee having taken possession of the apples, it was held that the proceeds belonged to the general estate of the bankrupt. There was nothing to indicate that the bankrupt used his warehouse as a warehouse under the statute in any other way than for the purpose specially intended by the bank; or that the property of any other person than that of the bankrupt was stored in it. The property was not stored "for a consideration," as the statute provided respecting warehouses of the kind for which the permit was procured. The receipt therefore gave the bank no priority of title or claim to the property. The receipt did not amount to a delivery of the property itself."

§ 288. Iowa.'-All warehouse certificates, or other evidences of the deposit of property issued by any warehouseman, wharf

1 Burns' R. S., § 8729.

The statute was enacted March 9, 1875, 1 R. S. 1876, p. 927, Burns' R. S., ch. 110. It divides warehouses into two classes, A & B; the former embracing those for storing grain stored in bulk, aud belonging to different owners; and the latter embracing warehouses where property of any kind is stored for a consideration. JONES PLEDGES-20

The permit applied for and issued in this case was for a storehouse of the latter kind.

3 Adams v. Merchants' Nat. Bank, 2 Fed. Rep. 174, 9 Biss. 396. And see Franklin Nat. Bank v. Whitehead, 149 Ind. 560, 49 N. E. Rep. 592, where the subject is fully considered and the authorities are cited.

4

* Code 1897, § 3129.

inger, or other person engaged in storing property for others shall be, in the hands of the holder thereof, presumptive evidence that the title to the property therein described is in the holder of such instrument.

§ 289. Kansas.'-All receipts for grain issued by any warehouse shall be negotiable by indorsement in blank, or by special indorsement, in the same manner and to the same extent as bills of exchange and promissory notes.

§ 290. In Kentucky' warehouse receipts are made negotiable and transferable by indorsement in blank, or by special indorsement, and with like liability, as bills of exchange now are, and with like remedy thereon.

When any receipt or voucher shall have been issued as provided by this article, and used or pledged as collateral security or otherwise for the loan of money, the bank or person to whom the same may be pledged, hypothecated or transferred shall have power and authority to sell the same, and transfer title théreto in such manner and on such terms as may be agreed upon in writing by the parties at the time of making the pledge.'

§ 290a. Louisiana.-Receipts issued against property stored in public warehouses shall be negotiable and transferable by indorsement in blank or by special indorsement, and delivery in the same manner and to the same extent as bills of exchange and promissory notes now are, without other formality, and the transferee or holder of such public warehouse receipt shall be considered and held as the actual and exclusive owner, to all intents and purposes, of the property therein described, subject only to the lien and privilege of the public warehouseman for storage or other warehouse charges; provided, how

11 G. S. 1889, § 1443; 1 G. S. 1897, provision of the general statutes, and c. 67, § 11. is not repealed thereby. Cochran v. Ripy, 13 Bush (Ky.) 495.

2 Act of March 6, 1869, §3; G. S. 1899, § 4770. This act is not repugnant to nor embraced in any general law or

Stats. 1899, § 4776.

4 R. Laws 1897, p. 919, § 7.