34-282. Rights of person to whom a receipt has been transferred, but not negotiated.

34-282

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

      34-282.   Rights of person to whom a receipt has been transferred, butnot negotiated.A person to whom a receipt has been transferred, but not negotiated,acquires thereby, as against the transferer, the title to the grain,subject to the terms of any agreement with the transferer. If the receiptis nonnegotiable such person also acquires the right to notify thewarehouseman of the transfer to him of such receipt, and thereby to acquirethe direct obligation of the warehouseman to hold possession of the grainfor him, according to the terms of the receipt. Prior to the notificationof the warehouseman by the transferer of a nonnegotiable receipt, the titleof the transferee to the grain and the right to acquire the obligation ofthe warehouseman may be defeated by the levy of an attachment or executionupon the grain by a creditor of the transferer, or by a notification to thewarehouseman by the transferer or a subsequent purchaser from thetransferer of a subsequent sale of the grain by the transferer.

      History:   L. 1931, ch. 194, § 60; July 1.