Volume 375, Page 421 View pdf image (33K) |
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WAREHOUSE RECEIPTS. 421 An. Code, sec. 43. 1910, ch. 406, sec. 43 (p. 56).
43. Where a negotiable receipt is transferred 'for value by delivery, An. Code, sec. 44. 1910, ch. 406, sec. 44 (p. 56).
44. A person who for value negotiates or transfers a receipt by indorse- (a) That the receipt is genuine;
(b) That he has a legal right to negotiate or transfer it;
(d) That he has a right to transfer the title to the goods and that the
As to the warranties of a transferor of corporate stock, see art. 23, sec. 61. An. Code, sec. 45. 1910, ch. 406, sec. 45 (p. 56).
45. The indorsement of a receipt shall not make the indorser liable An. Code, sec. 46. 1910, ch. 406, sec. 46 (p. 56).
46. A mortgagee, pledgee or holder for security of a receipt who in An. Code, sec. 47. 1910, ch. 406, sec. 47 (p. 56). 47. The validity of the negotiation of a receipt 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 receipt was induced by fraud, mistake or duress to entrust the possession or custody of the receipt to such person, if the person to whom the receipt was negotiated, or a person to whom the receipt was subsequently negotiated, paid value therefor, without notice of the breach of duty, or fraud, mistake or duress. Where the consignee of goods, clothed with indicia, of title, stores them in a warehouse, takes receipts for them, and assigns the receipt to a bona fide purchaser for value, the latter will be protected, although the consignee was not the owner of the goods. Farmers' Packing Co. v. Brown, 87 Md. 10, (Based on art. 14, sec. 1.
of the Code of 1904.)
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Volume 375, Page 421 View pdf image (33K) |
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