WAREHOUSE RECEIPTS 521

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 indorse-
ment of such person in blank, to bearer or to another specified person.
Subsequent negotiation may be made in like manner.

An. Code, 1924, sec. 39. 1912, sec. 39. 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.

An. Code, 1924, sec. 40. 1912, sec. 40. 1910, ch. 406, sec. 40 (p. 55).

40. A negotiable receipt may be negotiated:

(a) By the owner thereof; or

(b) 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 warehouse-
man 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.

An. Code, 1924, sec. 41. 1912, sec. 41. 1910, ch. 406, sec. 41 (p. 55).

41. A person to whom a negotiable receipt has been duly negotiated
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

(b) 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 ware-
houseman had contracted directly with him.
See art. 83, sec. 51.
See notes to sec. 25.

An. Code, 1924, sec. 42. 1912, sec. 42. 1910, ch. 406, sec. 42 (p. 55).

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

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 warehouseman by the
transferor, or a subsequent purchaser from the transferor of a subsequent
sale of the goods by the transferor.

See art. 83, sec. 52.