34-245. Failure to mark nonnegotiable or not negotiable.
34-245
34-245. Failure to mark nonnegotiable or not negotiable.A nonnegotiable receipt shall be plainly printed or stamped on its faceby the warehouseman issuing it "nonnegotiable" or "not negotiable." In caseof the warehouseman's failure to do so, a holder of the receipt, orreceipts, who purchased it for value, supposing it to be negotiable, may,at his option, treat such receipt as imposing upon the warehouseman thesame liability he would have incurred, had the receipt been negotiable.This section shall not apply, however, to letters of memorandum, or writtenacknowledgment of an informal character.
History: L. 1931, ch. 194, § 23; July 1.