SALES AND NOTICES 3157

An. Code, 1924, sec. 51. 1912, sec. 51. 1910, ch. 346, sec. 48 (p. 281).

48. If a document of title, which contains an undertaking by a carrier,
warehouseman or other bailee to deliver the goods to the bearer, to a speci-
fied person or order, or to the order of a specified person, or which con-
tains words of like import, has placed upon it the words " not negotiable,"
" non-negotiable," or the like, such a document may nevertheless be negoti-
ated by the holder, and is a negotiable document of title within the mean-
ing of this sub-title. But nothing in this sub-title contained shall be con-
strued as limiting or defining the effect upon the obligations of the carrier,
warehouseman, or other bailee issuing a document of title of placing thereon
the words " not negotiable," " non-negotiable," or the like.

See art. 14, sec. 8, and art. 14A, sec. 7.

An. Code, 1924, sec. 52. 1912, sec. 52. 1910, ch. 346, sec. 49 (p. 282).

49. A document of title which is not in such form that it can be negoti-
ated by delivery may be transferred by the holder by delivery to a pur-
chaser or donee. A non-negotiable document can not be negotiated, and the
indorsement of such a document gives the transferee no additional right.

An. Code, 1924, sec. 53. 1912, sec. 53. 1910, ch. 346, sec. 50 (p. 282).

50. (Who May Negotiate a Document.) A negotiable document may
be negotiated by any person in possession of the same, however such pos-
session may have been acquired, if, by the terms of the document, the
bailee issuing it undertakes to deliver the goods to the order of such per-
son, or if at the time of negotiation the document is in such form that it
may be negotiated for delivery.

An. Code, 1924, sec. 54. 1912, sec. 54. 1910, ch. 346, sec. 51 (p. 282).

51. 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 con-
vey to a purchaser in good faith for value; and

(b) The direct obligation of the bailee issuing the document to hold pos-
session 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. 14A, sec. 41.

An. Code, 1924, sec. 55. 1912, sec. 55. 1910, ch. 346, sec. 52 (p. 282).

52. 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 transferor.

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 possession of
the goods for him according to the terms of the document.

Prior to the notification of such bailee by the transferor or transferee
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