1922 SALES AND NOTICES. [ART. 83

1910, ch. 346, sec. 45 (p. 281).

48. A document of title in which it is stated that the goods referred
to therein will be delivered to the bearer, or to the order of any person
named in such document, is a negotiable document of title.

1910, ch. 346, sec. 46 (p. 281).

49. A negotiable document of title may be negotiated by delivery:

(a) Where by the terms of the document the carrier,' warehouse-
man or other bailee issuing the same undertakes to deliver the good's
to the bearer; or,

(b) Where by the terms of the document the carrier, warehouse-
man or other bailee issuing the same undertakes to deliver the goods
to the order of a specified person, and such person or a subsequent
endorsee of the document has endorsed it in blank or to bearer; where
by the terms of a negotiable document of title the good's are deliver-
able to bearer, or where a negotiable document of title has been indorsed
in blank or to bearer, any holder may indorse the same to himself or
to any other specified person, and in such case the document shall
thereafter be negotiated only by the indorsement of such indorsee.

1910. ch. 346, sec. 47 (p. 281).

50. A negotiable document of title may be negotiated by the indorse-
ment of the person to whose order the goods are by the terms of the
document deliverable. Such indorsement may be in blank, to bearer
or to a specified person. If indorsed -to a specified person, it may be
again negotiated by the indorsement of such person in blank, to bearer
or to another specified person. Subsequent negotiation may be made
in like manner.

1910. ch. 346, sec. 48 (p. 281).

51. If a document of title, which contains an undertaking by a
carrier, warehouseman or other bailee to deliver the goods to the bearer,
to a specified person or order, or to the order of a specified person,
or which contains words of like import, has placed upon it the words
"not negotiable," "non-negotiable," or the like, such a document may
nevertheless be negotiated by the holder, and is a negotiable document
of title within the meaning of this sub-title. But nothing in this sub-
title contained shall be construed as limiting or defining the effect
upon the obligations of the carrier, warehouseman, or other bailee
issuing a document of title of placing thereon the words "not negotia-
ble," "non-negotiable," or the like.

See art. 14. sec. 8, and art. 14 A, sec. 7.

1910, ch. 346, sec. 49 (p. 282).

52. A document of title which is not in such form that it can be
negotiated by delivery may be transferred by the holder by delivery
to a purchaser or donee. A non-negotiable document can not be
negotiated, and the indorsement of such a document gives the trans-
feree no additional right.