WAREHOUSE RECEIPTS. 57

SEC. 48. Where a person having sold, mortgaged or pledged
goods which are in a warehouse and for which a negotiable re-
ceipt has been issued, or having sold, mortgaged or pledged the
negotiable receipt representing such goods, continues in posses-
sion of the negotiable receipt, the subsequent negotiation there-
of by that person under any sale, or other disposition thereof
to any person receiving the same in good faith, for value and
without notice of the previous sale, mortgage or pledge, shall
have the same effect as if the first purchaser of the goods or
receipt has expressly authorized the subsequent negotiation.

SEC. 49. Where a negotiable receipt has been issued for
goods, no seller's lien or right of stoppage in transitu shall
defeat the rights of any purchaser for value in good faith to
whom such receipt has been negotiated, whether such negotia-
tion be prior or subsequent to the notification to the ware-
houseman who issued such receipt of the seller's claim to a
lien or right of stoppage in transitu. Nor shall the warehouse-
man be obliged to deliver or justified in delivering the goods
to an unpaid seller, unless the receipt is first surrendered for
cancellation.

SEC. 50. A warehouseman, or any officer, agent or servant
of a warehouseman, who issues or aids in issuing a receipt,
knowing that the goods for which such receipt is issued have
not been actually received by such warehouseman, or are not
under his actual control at the time of issuing such receipt
shall be guilty of a crime, and, upon conviction, shall be pun-
ished for each offense by imprisonment not exceeding .five
years, or by a fine not exceeding five thousand dollars, or by
both.

SEC. 51. A warehouseman, or any officer, agent or servant
of a warehouseman, who fraudulently issues or aids in fraudu-
lently issuing a receipt for goods, knowing that it contains
any false statement, shall be guilty of a crime, and, upon con-
viction, shall be punished for each offense by imprisonment not
exceeding one year, or by a fine not exceeding one thousand
dollars, or by both.

SEC. 52. A warehouseman, or any officer, agent or servant
of a warehouseman, who issues or aids in issuing a duplicate
or additional negotiable receipt for goods, knowing that a
former negotiable receipt for the same "goods or any part of
them is outstanding and uncanceled, without plainly placing
upon the face thereof the word "duplicate," except in the case
of a lost or destroyed receipt after proceedings as provided for
in Section 14, shall be guilty of a crime, and upon conviction
shall be punished for each offense by imprisonment not exceed-