75-43-17 - Receipts; redemption.
§ 75-43-17. Receipts; redemption.
In case any one to whom a warehouse receipt is issued, under the provisions of this chapter, shall negotiate, assign, transfer or pledge the same to any person, individual, firm or corporation, as security for any money, credit or other obligation, and shall thereafter pay or tender the full amount due thereon to such assignee or holder for any such money or credit, and shall fulfill and discharge any such other obligation for which such warehouse receipt was negotiated, transferred or assigned, it shall then be the duty of such assignee or holder of such receipt to immediately, upon request of the person to whom the same was issued, surrender to the person to whom said receipt was issued, said warehouse receipt, together with the release of the lien thereon for which it was negotiated, assigned or pledged. Upon the failure of any such assignee or holder to surrender or release the same, he shall be fined in any sum not exceeding one hundred dollars ($100.00) and pay the cost of prosecution; and, moreover, he shall be liable to the party to whom such receipt was issued for any and all damages by him sustained.
Sources: Codes, 1930, § 3548; 1942, § 5079; Laws, 1924, ch. 270.