ART. 14A] NEGOTIATION. 327

Wbere, by the terms of a negotiable receiptt the goods are deliverable
to bearer, or where a negotiable receipt 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 receipt shall thereafter be nego-
tiated only by the indorsement of such indorsee.

1910, ch. 406, sec. 38 (p. 55).

38. A negotiable receipt may be negotiated by the indorsement of
the person to whose order the goods are, by the terms of the receipt,
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. 406, sec. 39 (p. 55).

39. A receipt 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 receipt can not be negotiated, and the indorsement
of such receipt gives the transferee no additional right.

1910, ch. 406, sec. 40 (p. 55).

40. A negotiable receipt may be negotiated:

(a) By the owner thereof; or

(6) By any person to whom the possession or custody of the receipt
has been entrusted by the owner, if, by the terms of the receipt the
warehouseman undertakes to deliver the goods to the order of the person
to whom the possession or custody of the receipt has been entrusted, or
if at the time of such entrusting the receipt is in such form that it
may be negotiated by delivery.

1910, ch. 406, sec. 41 (p. 55).

41. A person to whom a negotiable receipt has been duly negoitated
acquires thereby:

(a) Such title to the goods as the person negotiating the receipt 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 depositor or person to whose
order the goods were to be delivered by the terms of the receipt had or
had ability to convey to a purchaser in good faith for value; and

(7?) The direct obligation of the warehouseman to hold possession
of the goods for him according to the terms of the receipt as fully as
if the warehouseman had contracted directly with him.
See art. 83. sec. 54.

1910, ch. 406, sec. 42 (p. 55).

42. A person to whom a receipt has been transferred, but not
negotiated, acquires thereby, as against the transferor, the title of the
goods, subject to the terms of any agreement with the transferor.