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ever, all such public warehouse receipts as shall have the words "not negotiable" plainly written or stamped on the face thereof, shall be exempt from the provisions of this section; and provided further, that no public warehouseman shall issue warehouse receipts against his own property in his own warehouse, but upon sale of such property in good faith, may issue to the purchaser his public warehouse receipt in form and manner as herein provided, which issue and delivery of the receipt shall be deemed to complete the sale, and shall constitute the purchaser full owner, as aforesaid, of the property therein described.

No cotton-press owner or lessee, wharfinger, or other person shall issue any receipt or other voucher for any goods, wares, merchandise, grain, flour, or other produce or commodity to any person or persons purporting to be the holder, owner or owners thereof, unless such goods, wares, merchandise, grain or other produce or commodity shall have been actually received into store or upon the premises of such cotton-press, wharfinger or other person, and shall be in the store or on the premises aforesaid, or under his control at the time of issuing such receipt.

All warehouse receipts as by this act provided, 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 now are.1

The delivery of property on deposit in a warehouse, shall pass by the private assignment of the warehouse receipt, so as to authorize the owner to pledge such property; and such pledge so made, without further formalities, shall be valid as well against third persons as against the pledgers thereof, if made in good faith."

§ 291. Maine.'-The title to merchandise stored in a public warehouse, or on the wharves and premises of the warehouseman, and in his possession, passes to a purchaser or pledgee,

'R. Laws 1897, §§ 2477, 2485, p. 590,

2 R. Civ. Code 1900, §3158.

§ 8.

R. S. 1883, c. 31, § 4.

in good faith, by the indorsement to such purchaser or pledgee, but not in blank, of the warehouseman's receipt therefor signed by the person to whom the receipt was originally given, or by an indorsee of the receipt, and recorded in the books of the warehouseman with whom such goods and chattels are stored.

§ 292. Massachusetts.-The title to goods and chattels stored in a public warehouse shall pass to a purchaser or pledgee by the indorsement and delivery to him of the warehouseman's receipt therefor, signed by the person to whom such receipt was originally given, or by an indorsee of such receipt.

§ 293. Maryland.-Every acceptance of an order, and every other voucher whatsoever, for any goods, chattels, or commodities, as on storage or deposit, whereby the custody or possession of such goods, chattels, or commodities shall be acknowledged or certified by any warehouseman, wharfinger, or other person or corporation within this state, and which acceptance or voucher shall not on its face provide or stipulate in terms that it shall not be negotiable, shall be held and taken when issued to be a negotiable receipt and instrument to all intents and effects within the meaning and operation of this article.

§ 293a. Minnesota.'-Warehouse receipts, given for any goods, wares and merchandise, grain, flour, produce or other commodity, stored or deposited with any warehouseman, or other person or corporation in this state, or bills of lading, or receipt for the same, when in transit by cars or vessels to any such warehouseman, or other person, shall be negotiable, and may be transferred by indorsement and delivery of such receipt or bill of lading, and any person to whom the said receipt, or

1 Acts 1878, c. 93, §1; P. S. 1882, c. of them, in the mode therein pre72, § 6.

21 Pub. Gen. Laws, p. 119, § 3. 32 G. S. 1894, $7649. This section does not put bills of lading on the footing of bills of exchange, but merely makes a transfer and delivery

scribed, equivalent, for certain purposes, to a transfer and delivery of the property. National Bank of Commerce v. Chicago, B. & N. R. Co., 44 Minn. 224, 46 N. W. Rep. 342, 560.

bill of lading, may be transferred, shall be deemed and taken to be the owner of the goods, wares or 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; 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.

The title to goods and chattels stored with a storage company or in a public warehouse shall pass to a purchaser, or pledgee, by the indorsement and delivery to him of the storage company's or warehouseman's negotiable receipt therefor, signed by the party to whom such receipt was originally given, or by an indorsee of such receipt, subject to all liens and charges thereon for warehousing, advanced charges and insurance.1

§ 293b. Nebraska.' 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 other than grain stored in public warehouses shall distinctly state on their face the brand or distinguishing marks upon such property.

§ 293c. New Jersey. All warehouse receipts or other vouchers given for any goods, wares, merchandise, provisions, grain, flour or other produce or commodity stored or deposited with any warehouseman, wharfinger, corporation or other person or persons, may be transferred by indorsement or delivery thereof, and any person to whom the same may be transferred shall be deemed and taken to be the owner of the goods, wares and merchandise therein specified without notice, of such

1 Laws 1895, ch. 149, § 5.
2 Comp. Stats. 1899, § 5395.

33 G. S. 1895, p. 3747, § 6.

transfer, or an actual delivery, or change of possession of the goods, wares, merchandise, grain, flour or other produce or commodity named therein, so far as to give validity to any pledge, security, lien or transfer made or created by any person or persons, corporation or corporations; but no property shall be delivered except in 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 negotiable" plainly written, printed or stamped on the face thereof, shall be exempt from the provisions of this section; provided, however, that the person or persons, corporation or corporations, to whom such receipts or vouchers are indorsed and delivered shall be subject to the same conditions as the person or persons, corporation or corporations, to whom the same were originally delivered.

§ 294. New York.'-Warehouse receipts given for any goods, wares, merchandise, grain, flour, produce or other commodity, stored or deposited with any warehouseman, wharfinger, or other person, 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 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 negotiable," plainly written or stamped on the face thereof, shall be exempt from the provisions of this section.

The same provisions are by a later statute made applicable to bills of lading, and to all persons or corporations that shall or may issue bills of lading of any kind or description.

§ 294a. Oklahoma.-Warehouse receipts for property stored in warehouses shall be transferable by the indorsement of the 1R. S. 1875, p. 230, §6; R. S., 7th 2 Laws 1899, ch. 27, § 19. ed., 1882, p. 2260.

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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.

§ 294b. Oregon.'-All checks or receipts given by any person operating any warehouse, commission house, forwarding house, mill, wharf, or other place of storage for any grain, flour, pork, beef, 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.

§ 294c. South Carolina.-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, and shall describe the property, distinctly stating the brand or distinguishing marks upon it, and if such property is grain the quantity and inspected grade thereof; provided, however, that every 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; and provided, that assignment of such non-negotiable receipt shall not be effective until recorded on the books of the warehouseman issuing them. The title to cotton, goods, merchandise and chattels stored in a public warehouse shall pass to a purchaser or pledgee by the indorsement and delivery to him of the warehouseman's receipt therefor, signed by the person to whom such receipt was originally given or by an indorsee of such receipt.

12 Hill's Annot. Laws 1892, § 4205. 2 Acts 1896, pp. 207, 208, §§ 4, 5.

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