SALES AND NOTICES. 281

SEC. 44. Where a person having sold goods continues in
possession of the goods or of negotiable documents of title to
the goods and such retention of possession is fraudulent in
fact or is deemed fraudulent under any rule of law, a creditor
or creditors of the seller may treat the sale as void.

SEC. 45. A document of title in which it is stated that the
goods referred to therein will be delivered to the bearer, or to
the order of any person named in such document, is a negotia-
ble document of title.

SEC. 46. A negotiable document of title may be negotiated
by delivery:

(a) Where by the terms of the document the carrier, ware-
houseman or other bailee issuing the same undertakes to de-
liver the goods to the bearer; or,

(b) Where by the terms of the document the carrier, ware-
houseman or other bailee issuing the same undertakes to de-
liver the goods to the order of a specified person, and such per-
son or a subsequent endorsee of the document has endorsed it
in blank or to bearer; where by the terms of a negotiable docu-
ment of title the goods are deliverable to bearer, or where a
negotiable document of title has been indorsed in blank or to
bearer, any holder may indorse the same to himself or to any
other specified person, and in such case the. document shall
thereafter be negotiated only by the indorsement of such in-
dorsee.

SEC. 47. A negotiable document of title may be negotiated
by the indorsement of the person to whose order the goods are
by the terms of the document deliverable. Such indorsement
may be in blank, to bearer or to a specified person. If in-
dorsed to a specified person, it may be again negotiated by the
indorsement of such person in blank, to bearer or to another
specified person. Subsequent negotiation may be made in like
manner.

SEC. 48. If a document of title, which contains an under-
taking by a carrier, warehouseman or other bailee to deliver
the goods to the bearer, to a specified person or order, or to
the order of a specified person, or which contains words of like
import, has placed upon it the words "not negotiable," "non-
negotiable," or the like, such a document may nevertheless be
negotiated by the holder, and is a negotiable document of title
within the meaning of this Act. But nothing in this Act con-
tained shall be construed 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.