282 LAWS OF MARYLAND.

SEC. 49. A document of title 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
document can not be negotiated, and the indorsement of such
a document gives the transferee no additional right.

SEC. 50. (Who, may negotiate a document.) A negotiable
document may be negotiated by any person in possession of the
same, however such possession 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 person, or if at the time
of negotiation the document is in such form that it may be
negotiated for delivery.

SEC. 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 convey to a pur-
chaser in good faith for value; and

(b) The direct obligation of the bailee issuing the docu-
ment to hold possession of the goods for him according to the
terms of the document as fully as if such bailee had contracted
directly with him.

SEC. 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 obliga-
tion of such bailee may be defeated by the levy of an attach-
ment or execution upon the goods by a creditor of the trans-
feror, or by a notification to such bailee by the transferor or a
subsequent purchaser from the transferor of a subsequent sale
of the goods by the transferor.

SEC. 53. Where a negotiable document of title is trans-
ferred for value by delivery, and the indorsement of the trans-
feror is essential for negotiation, the transferee acquires a
right against the transferor to compel him to indorse the docu-
ment unless a contrary intention appears. The negotiation