SALES AND NOTICES. 283

shall take effect as of the time when the indorsement is actu-
ally made.

SEC. 54. A person who for value negotiates or transfers a
document of title by indorsement or delivery, including one
who assigns for value a claim secured by a document of title,
unless a contrary intention appears, warrants—

(a) That the document is genuine;

(b) That he has a legal right to negotiate or transfer it;

(c) That he has knowledge of no fact which would impair
the validity or worth of the document; and

(d) That he has a right to transfer the title to the goods,
and that the goods are merchantable or fit for a particular pur-
pose, whenever such warranties would have been implied if
the contract of the parties had been to transfer without a docu-
ment of title the goods represented thereby.

SEC. 55. The indorsement of a document of title shall not
make the indorser liable for any failure on the part of the
bailee who issued the document, or previous indorsers thereof,
to fulfill their respective obligations.

SEC. 56. The validity of the negotiation of a negotiable
document of title is not impaired by the fact that the negotia-
tion was a breach of duty on the part of the person making the
negotiation, or by the fact that the owner of the document was
induced by fraud, mistake or duress to entrust the possession
or custody thereof to such person, if the person to whom the
document was negotiated, or a person to whom the document
was subsequently negotiated, paid value therefor, without no-
tice of the breach of duty, or fraud, mistake or duress.

SEC. 57. If the goods are delivered to a bailee by the owner,
or by a person whose act in conveying the title to them to a
purchaser in good faith for value would bind the owner, and
a negotiable document of title is issued for them, they can not
thereafter, while in the possession of such bailee, be attached
by garnishment or otherwise or be levied upon under an execu-
tion unless the document be first surrendered to the bailee or
its negotiation enjoined. The bailee shall in no case be com-
pelled to deliver up the actual possession of the goods until
the document is surrendered to him or impounded by the
court.

SEC. 58. A creditor whose debtor is the owner of a negotia-
ble document of title shall be entitled to such aid from courts
of appropriate jurisdiction, by injunction and otherwise, in
attaching such document or in satisfying the claim by means
thereof, as is allowed at law or in equity in regard to property
which can not readily be attached or levied upon by ordinary
legal process.