SALES AND NOTICES. 279

ing the delivery of the goods to the buyer, or to a carrier, or
other bailee, for the purpose of transmission to the buyer.

(2) Where goods are shipped and by the bill of lading the
goods are deliverable to the seller or his agent, or to the order
of the seller, or of his agent, the seller thereby reserves the
property in the goods. But if, except for the form of the bill
of lading, the property would have passed to the buyer on ship-
ment of the goods, the seller's property in the goods shall be
deemed to be only for the purpose of securing performance by
the buyer of his obligations under the contract.

(3) Where goods are shipped, and by the bill of lading the
goods are deliverable to the order of the buyer or of his agent,
but possession of the bill of lading is retained by the seller or
his agent, the seller thereby reserves a right to the possession
of the goods as against the buyer.

(4) Where the seller of goods draws on the buyer for the
price and transmits the bill of exchange and bill of lading,
together, to the buyer to secure acceptance or payment of the
bill of exchange, the buyer is bound to return the bill of lad-
ing if he does not honor the bill of exchange, and if he wrong-
fully retains the bill of lading he acquires no added right there-
by. If, however, the bill of lading provides that the goods are
deliverable to the buyer or to the order of the buyer, or is
indorsed in blank, or to the buyer, by the consignee named
therein, one who purchases in good faith, for value, the bill of
lading, or goods from the buyer, will obtain the property in
the goods, although the bill of exchange has not been honored;
provided, that such purchaser has received delivery of the bill
of lading, indorsed by the consignee named therein, or of
the goods, without notice of the facts making the transfer
wrongful.

SEC. 39. In the case of sale by auction:

(1) Where goods are put up for sale by auction in lots,
each lot is the subject of a separate contract of sale.

(2) A sale by auction is complete when the auctioneer an-
nounces its completion by the fall of the hammer, or in other
customary manner. Until such announcement is made, any
bidder may retract his bid; and the auctioneer may withdraw
the goods from sale, unless the auction has been announced to
be without reserve.

(3) A right to bid may be reserved expressly by or on be-
half of the seller.

(4) Where notice has not been given that a sale by auc-
tion is subject to a right to bid on behalf of the seller, it .shall
not be lawful for the seller to bid himself or to employ or in-
duce any person to bid at such sale on his behalf, or for the auc-