328 WAREHOUSE RECEIPTS. [ART. 14A

If the receipt is non-negotiable, such person also acquires the right
to notify the warehouseman of the transfer to him of such receipt, and
thereby to acquire the direct obligation of the warehouseman to hold
possession of the goods for him according, to the terms of the receipt.

Prior to the notification of the warehouseman by the transferor or
the transferee of a non-negotiable receipt, the title of the transferee to
the goods and the right to acquire the obligation of the warehouseman
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 the ware-
houseman by the transferor, or a subsequent purchaser from the trans-
feror of a subsequent sale of the goods by the transferor.
See art. 83, sec. 55.

1910. ch. 40G, sec. 43 (p. 56).

43. Where a negotiable receipt 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
endorse the receipt, unless a contrary intention appears. The negotia-
tion shall take effect as of the time when the indorsement is actually
made.

See art. S3, sec. 56.

1910, ch. 400, sec. 44 (p. 50).

44. A person who for value negotiates or transfers a receipt by
indorsement or delivery, including' one who assigns for value a claim
secured by a receipt, unless a contrary intention appears, warrants:

(a) That the receipt is genuine;

(b) That he has a legal right to negotiate or transfer it;

(c) That he has knowledge of no fact which would impair the valid-
ity or worth of the receipt, and

(d) That he has a right to transfer the title to the goods and that the
goods, are merchantable or fit for a particular purpose whenever such
warranties would have been implied, if the contract of the parties had
been to transfer without a receipt the goods represented thereby.

As to the warranties of a transferor of corporate stock, see art. 23. sec. 48.
See art. 83, sec. 57.

1910. ch. 406, sec. 45 (p. 50).

45. The indorsement of a receipt shall not make the indorser liable
for any failure on the part of the warehouseman or previous indorsers
of the receipt to fulfill their respective obligations.
See art. 83. sec. 58

1910. ch. 400, sec. 40 (p. 50).

46. A mortgagee, pledgee or holder for security of a receipt who
in good faith demands or receives payment of the debt for which such
receipt is security, whether from a party to a draft drawn for such
debt or from any other person, shall not by so doing be deemed to rep-