Chap. 245.—An ACT to amend and re-enact section 1, and to repeal
section 7 of an Act approved April 16, 1874, entitled an Act to pre-
scribe how Hypothecations of Products and Commodities shall be
made. and to Prohibit the Hypothecation of Consignments, except on
Conditions, so as to place Unmanufactured Tobacco on the same foot-
ing with all other Property Proposed to be Hypothecated.

Approved March 25, 1875.

1. Be it enacted by the general assembly, That section one
of chapter two hundred and eleven of Acts of cighteen hun-
dred and seventy-four, entitled an act to prescribe how
hypothecations of products and commodities shall be made,
and to prohibit the hypothecation of consignments, except
on conditions, be amended and re-enacted so as to read as
follows:

§ 1. That any person, firm, or corporation, keeping a li-
censed warehouse, may issue warehouse receipts, or other
written or printed evidence, for the deposit of grain, flour,
tobacco, merchandise, or any other wares or commodity,
which receipts or other written or printed evidence shall be
stamped with the word “negotiable,” and shall thereafter
he negotiable and transferable by delivery, whether the said
graip, flour, tobacco, merchandise, or other wares or com-
modity be the property of the owner or owners of the ware.
house or of anotber person or persons; and the holder, for
value of such receipts or other written or printed evidence
for such goods, wares, or merchandise, shall be deemed to be
the owner of the property named therein to the extent of
the loan or negotiation thereon, unless.the words “not nego-
tiable” shall be written or stamped on the face thereof: pro-
vided, that the words “not negotiable” shall be written or
stamped by the commission merchant or agent on the ware-
house receipt or other written or printed evidence of the
deposit of the farmer’s or planter’s property, unless there ip
express authority given in writing by such farmer or planter
to the contrary; and any wrongfully or fraudulently endorsed
or stamped “negotiable” under this act, shall be deemed and
treated as a forgery.

2. Section seven of said act is hereby repealed.

3. This act shall be in force from its passage.