34-281. Rights of person to whom a receipt has been negotiated.

34-281

Chapter 34.--GRAIN AND FORAGE Article 2.--INSPECTING, SAMPLING, STORING, WEIGHING AND GRADING GRAIN; TERMINAL AND LOCAL WAREHOUSES

      34-281.   Rights of person to whom a receipt has been negotiated.A person to whom a negotiable receipt has been duly negotiated acquiresthereby: (a) Such title to the grain as the person negotiating the receiptto him had or had ability to convey to a purchaser in good faith for valueand also such title to the grain as the depositor to whose order the grainwas to be delivered by the terms of the receipt had or had ability toconvey to a purchaser in good faith for value, and (b) the directobligation of the warehouseman to hold possession of the grain for himaccording to the terms of the receipt as fully as if the warehouseman hadcontracted directly with him.

      History:   L. 1931, ch. 194, § 59; July 1.