BILLS OF LADING. 45

SEC. 50. Any person who, with intent to defraud, issues or
aids in issuing a non-negotiable bill without the words "not
negotiable" placed plainly upon the face thereof, shall be guilty
of a crime, and upon conviction shall be punished for each
offense by imprisonment not exceeding five years, or by a fine
not exceeding five thousand dollars, or by both.

SEC. 51. In any case not provided for in this Act, the rules
of law and equity, including the Law Merchant, and in par-
ticular the rules relating to the law of principal and agent,
executors, administrators and trustees, and to the effect of
fraud, misrepresentation, duress or coercion, accident, mis-
take, bankruptcy, or other invalidating cause, shall govern.

SEC. 52. This Act shall be so interpreted and construed as
to effectuate its general purpose to make uniform the law of
those States which enact it.

SEC. 53. (1) In this Act, unless the context or subject mat-
ter otherwise requires—

"Action" includes counter claim, set-off and suit in equity.

"Bill" means bill of lading.

"Consignee" means the person named in the bill as the per-
son to whom delivery of the goods is to be made.

"Consignor" means the person named in the bill as the per-
son from whom the goods have been received for shipment.

"Goods" means merchandise or chattels in course of trans-
portation, or which have been or are about to be transported.

"Holder" of a bill means a person who has both actual pos-
session of such bill and a right of property therein.

"Order" means an order by endorsement on the bill.

"Owner" does not include mortgagee or pledgee.

"Person" includes a corporation or partnership, or two or
more persons having a joint or common interest.

To "purchase" includes to take as mortgagee and to take
as pledgee.

"Purchaser" includes mortgagee and pledgee.

"Value" is any consideration sufficient to support a simple
contract. An antecedent or pre-existing obligation, whether
for money or not, constitutes value where a bill is taken either
in satisfaction thereof or as security therefor.

(2) A thing is done "in good faith" within the meaning of
this Act, when it is in fact done honestly, whether it be done
negligently or not.

SEC. 54. The provisions of this Act do not apply to bills
made and delivered prior to the taking effect thereof.