1920 SALES AND NOTICES. [ART. 83

(3) Where goods are shipped and by the bill of lading the goods
are deliverable to the order of the buyer or of his agent, but possession
of the bill of lading is retained by the seller or his agent, the seller
thereby reserves a right to the possession of the goods as against the
buyer.

(4) Where the seller of goods draws on the buyer for the price and
transmits the bill of exchange and bill of lading, together, to the
buyer to secure acceptance or payment of the bill of exchange, the
buyer is bound to return the bill of lading if he does not honor the
bill of exchange, and if he wrongfully retains the bill of lading he
acquires no added right thereby. If, however, the bill of lading pro-
vides that the goods are deliverable to the buyer or to the order of the
buyer, or is indorsed in blank, or to the buyer, by the consignee named
therein, one who purchases in good faith, for value, the bill of lading,
or goods from the buyer, will obtain the property in the good's, although
the bill of exchange has not been honored; provided, that such pur-
chaser has received delivery of the bill of lading, indorsed by the con-
signee named therein, or of the goods, without notice of the facts
making the transfer wrongful.
See art. 14, sec. 41.

1910, ch. 346, sec. 39 (p. 279).
42. In the case of sale by auction:

(1) Where goods are put up for sale by auction in lots, each lot is-
the subject of a separate contract of sale.

(2) A sale by auction is complete when the auctioneer announces,
its completion by the fall of the hammer, or in other customary man-
ner. Until such announcement is made, any bidder may retract his
bid; and the auctioneer may withdraw the goods from sale, unless the
auction has been announced to be without reserve.

(3) A right to bid may be reserved expressly by or on behalf of
the seller.

(4) Where notice has not been given that a sale by auction is sub-
ject to a right to bid on behalf of the seller it shall not be lawful for
the seller to bid himself or to employ or induce any person to bid at
such sale on his behalf, or for the auctioneer to employ or induce any
person to bid at such sale on behalf of the seller, or knowingly to take
any bid from the seller or any person employed by him. Any sale
contravening this rule may be treated as fraudulent by the buyer.

1910. ch. 346, sec. 40 (p. 280).

43. Unless otherwise agreed, the goods remain at the seller's risk:
until the property therein is transferred to the buyer, but when the
property therein is transferred to the buyer the goods are at the buyer's
risk, whether delivery has been made or not, except that:

(a) Where delivery of the goods has been made to the buyer, or to
a bailee for the buyer, in pursuance of the contract, and the property