56 LAWS OF MARYLAND.

the transferee to the goods and the right to acquire the obli-
gation of the warehouseman may be defeated by the levy of an
attachment or execution upon the goods by a creditor of the
transferor, or by a notification to the warehouseman by the
transferor, or a subsequent purchaser from the transferor of a
subsequent sale of the goods by the transferor.

SEC. 43. Where a negotiable receipt is transferred for value
by delivery, and the indorsement of the transferor is essential
for negotiation, the transferee acquires a right against the
transferor to compel him to endorse the receipt, unless a con-
trary intention appears. The negotiation shall take effect as of
the time when the indorsement is actually made.

SEC. 44. A person who for value negotiates or transfers a
receipt by indorsement or delivery, including one who assigns
for value a claim secured by a receipt, unless a contrary inten-
tion appears, warants:

(a) That the receipt 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 receipt, 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 receipt
the goods represented thereby.

SEC. 45. The indorsement of a receipt shall not make the
indorser liable for any failure on the part of the warehouse-
man or previous indorsers of the receipt to fulfill their respec-
tive obligations.

SEC. 46. A mortgagee, pledgee or holder for security of a
receipt who in good faith demands or receives payment of the
debt for which such receipt is security, whether from a party to
a draft drawn for such debt or from any other person, shall
not by so doing be deemed to represent or to warrant the
genuineness of such receipt or the quantity or quality of the
goods therein described.

SEC. 47. The validity of the negotiation of a receipt is not
impaired by the fact that such negotiation was a breach of
duty on the part of the person making the negotiation, or by
the fact that the owner of the receipt was induced by fraud,
mistake or duress to entrust the possession or custody of the
receipt to such person, if the person to whom the receipt was
negotiated, or a person to whom the receipt was subsequently
negotiated, paid value therefor, without notice of the breach
of duty, or fraud, mistake or duress.