ART. 83] UNIFORM SALES ACT. 1923

1910, ch. 346, sec. 50 (p. 282).

53. (Who may negotiate a document.) A negotiable document
may be negotiated by any person in possession of the same, however
such possession may have been acquired, if, by the terms of the docu-
ment, the bailee issuing it undertakes to deliver the goods to the order
of such person, or if at the time of negotiation the document is in such
form that it may be negotiated for delivery.

1910, ch. 346, sec. 51 (p. 282).

54. A person to whom a negotiable document of title has been duly
negotiated acquires thereby—

(a) Such title to the goods as the person negotiating the document
to him 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

(b) The direct obligation of the bailee issuing the document to
hold possession of the goods for him according to the terms of the
document as fully as if such bailee had contracted directly with him.
See art. 14, sec. 32, and art. 14 A, sec. 41.

1910, ch. 346, sec. 52 (p. 282).

55. A person to whom a document of title has been transferred,
but not negotiated, acquires thereby, as against the transferor, the
title to the goods, subject to the terms of any agreement with the trans-
feror.

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 obligation of such bailee to hold pos-
session of the goods for him according to the terms of the document.

Prior to the notification of such bailee by the transferor or trans-
feree 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 defeated by the levy of an attachment or execution upon the goods
by a creditor of the transferor, or by a notification to such bailee by
the transferor or a "subsequent purchaser from the transferor of a sub-
sequent sale of the goods by the transferor.
See art. 14, sec. 33, and art. 14 A, sec. 42.

1910, ch. 346, sec. 53 (p. 282).

56. Where a negotiable document of title is transferred for value
by delivery, and the indorsement of the transferor is essential for
negotiation, the transferee acquires a right against the transferor to
compel him to indorse the document unless a contrary intention appears.
The negotiation shall ta.ke effect as of the time when the indorsement
is actually made.

See art. 14, sec. 34, and art. 14 A, sec. 43.