BILLS OF LADING. 405

An. Code, sec. 34. 1910, ch. 336, sec. 34 (p. 41).

34. Where a negotiable bill is transferred for value by delivery, and
the endorsement of the transfer is essential for negotiation, the trans-
feree acquires a right against the transferor to compel him to endorse the
bill, unless a.contrary intention appears. The negotiation shall take effect
as of the time when the endorsement is actually made. This obligation may
be specifically enforced.
See art. 83, sec. 56.

An. Code, sec. 35. 1910, ch. 336, sec. 35 (p. 41).

35. A person who negotiates or transfers for value a bill by endorse-
ment or delivery, including one who assigns for value a claim secured by a
bill, unless a contrary intention appears, warrants—

(a) That the bill is genuine;

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

(c) That he has knowledge of no fact which would impair the validity
or worth of the bill, 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 war-
ranties would have been implied, if the contract of the parties had been to
transfer without a bill the goods represented thereby.

In the case of an assignment of a claim secured by a bill, the liability
of the assignor shall not exceed the amount of the claim.

As to the warranties of a transferor of corporate stock, see art. 23, sec. 61.
See art. 83, sec. 57.

An. Code, sec. 36. 1910, ch. 336, sec. 36 (p. 41).

36. The endorsement of a bill shall not make the endorser liable for any
failure on the part of the carrier or previous endorsers of the bill to ful-
fill their respective obligations.
See art. 83, sec. 58.

An. Code, sec. 37. 1910, ch. 336, sec. 37 (p. 41).

37. A mortgagee or pledgee, or other holder of a bill for security, who
in good faith demands or receives payment of the debt for which such bill
is security, whether from a party to a draft drawn for such debt or from
any other person, shall not be deemed by so doing to represent or to warrant
the genuineness of such bill or the quantity or quality of the goods therein
described.

An. Code, sec. 38. 1910, ch. 336, sec. 38 (p. 41).

38. The validity of the negotiation of a bill is not impaired by the fact
that such negotiation was a breach of duty on the part of the person making
the negotiation, or by the fact that the owner of the bill was deprived of the
possession of the same by fraud, accident, mistake, duress or conversion,
if the person to whom the bill was negotiated, or a person to whom the bill
was subsequently negotiated, gave value therefor, in good faith, without