‘CHAP. 211.—An ACT to Prescribe how Hypothecations of Products and
Commodities shall be made, and to Prohibit the Hypothecation of
Consignments except on Conditions.

Approved April 16, 1874.

1. Be it enacted by the general assembly, That any person,
firm or corporation keeping a licensed warehouse, may issue ;;
warehouse receipts, or other written or printed evidence for v
the deposit of grain, flour, merchandise, or any other wares ¢
-or commodity, except unmanufactured tobacco, which receipts p
or other written or printed evidence, shall be stamped with
the word “negotiable,” and shall thereafter be negotiable and
transferable by delivery, whether the said grain, flour, mer-
-chandise, or other wares or commodity be the property of the
‘owner or owners of the warehouse or of another person or
persons; and the holder for value of such receipts or other
written or printed evidence for such goods, wares or mer- =
chandise shall be deemed to be the owner of the property p.
named therein to the extent of the loan or negotiation thereon,
unless the words “not negotiable” shall be written or stamped 1
on the face thereof: provided, that the words “not negotia- P
ble” shall be written or stamped by the commission merchant o
or agent on the warehouse receipt or other written or printed “
evidence of the deposit of the farmers or planters property,
unless there is express authority given in writing by such
farmer or planter to the contrary; and any paper wrongfully y
or fraudulently endorsed or stamped “negotiable” under this ®
act, shall be deemed and treated as a forgery. fe

2. Such receipt or other written or printed evidence shall v
state upon its face, the name or names of the owner or own- *
ers of the merchandise or commodity, for which it is given,
the kind or nature of such merchandise or commodity, and
its estimated value. When a warehouse receipt or other
written or printed evidence is given for any grain, flour,
merchandise or commodity to any person not the actual
owner thereof, the name of the actual owner of the property,
together with the name of the agent or commission merchant
depositing the same, shall be stated in such receipt or other
written or printed evidence.

3. Should any agent, factor or commission merchant, to R
whom property, produce or merchandise shall be consigned, 5
make any cash advances on such property, produce or mer- v
chandise, he is hereby authorized to negotiate, pledge or hy-
pothecate the warchouse receipts or other written or printed
evidence given for such property, produce or merchandise Pp
for the amount of such cash advances, and to that extent ¥
only; and such property, produce or merchandise shall be
primarily liable for the payment of such cash advances, sub-
ject to warehouse charges. The person, firm or corporation y
to whom such warehouse receipt or other written or printed P
evidence has been pledged or hypothecated, for a loan or ad-
vance of money, shall, upon not less than ten days’ notice
given sum of money; and the president, directors, and other Liabilit
agents conducting such licensed warehouse, who shall violate Oyea
the provisions of this act, shall be personally and individually houses
liable to the penalties thereof. |

7. The receipts given by inspectors of unmanufactured Receipt
tobacco in warehouses in which such tobacco is deposited ector
and inspected according to law, shall have all the privileges, tobacco,
and persons negotiating such receipts shall be subject to all Bitty a
the penalties of this law. ers

8. If any manufacturer, merchant, or incorporated com- Penalty
pany, or their agent, clerk, servant, or any other person, shall fai
wilfully or fraudulently make or alter any paper purporting tering r
to be a receipt, or other written or printed evidence of the propert
delivery into any such warehouse of property, produce, or
merchandise which has actually been received or delivered
into such warehouse, or who shall wilfully or fraudulently
remove or deliver any property whatsoever for which such
receipt or evidence of delivery shall have been given, unless
such receipt or other evidence of delivery shall have been
surrendered and canceled, or such delivery shall be directed
by an endorsement on sych receipt or other evidence of de-
livery, or order of the party holding the same, such agent,
clerk, servant, manager, manufacturer, merchant, or other Buch ac
person, shall be deemed guilty of the larceny of such prop- 4% not
erty, produce, or merchandise. This act shall not apply to ble top
property which has been replevied or removed by legal pro- moved
cess. Process

9. Any person, firm, or corporation who shall pay the tax Who to
imposed upon persons keeping houses for storage, shall be deemed
deemed a keeper of a licensed warehouse, and entitled to the wareho

rivileges conferred and subject to all the penalties of this

aw. Perm
10. Any person prosecuted under this act shall be allowed tent wit

to testify in his own behalf. ue
11. This act shall be in force from its passage. Comme: