72d CONGRESS . SESS . II. CII . 128. FEBRUARY 27, 1933 . (a) Wher e, by the terms of th e rec eipt, the w areho usema n unde r- takes to deliver the goods to the bearer ; or (b) Where, by the terms of the receipt, the warehouseman under- takes to deliver the goods to the order of a specified person, and such person or a subsequent indorsee of the receipt has indorsed it in blank or to bearer . Wh ere, by the term s of a ne gotiable receipt , the go ods are deliver- able to bearer or where a negotiable receipt has been indorsed in blank or to bearer, any holder may indorse the same to himself or to any oth er speci fied pers on, and in such case the receipt shall t here- after be negotiated only by the indorsement of such indorsee . A negotiable receipt may be negotiated by the indorsement of the perso n to whose order the goods are, by th e ter ms of the r eceip t, deliverable . Su ch indorsement may be in blank, to bearer ortoa specified person . If indorsed to a specified person, it may be again negotiated by the indorsement of such person in blank ; to bearer or to another specified person . Subsequent negotiation may be made in like manner . SEC . 764 . TRANSFER op .R cErp-rs .-A receipt which is not in such form that it can be negotiated by delivery may be transferred by the holder by delivery to a purchaser or donee . A nonnegotiable receipt can not be negotiated, and the indorsement of such a receipt gives the transferee no additional right . S EC. 76 5. WHO MAY NEGOTIATE A RECEIPT :A nego tiable rece ipt may be negotiated > y any person in possession, of the same, however such possession may have been acquired, if, by the terms of the receipt, the ware- houseman undertakes to deliver the goods to the order of such person or if at the time of negotiation the receipt is in such form that it may be negotiated by delivery . SEC . 766 . RIGHTS OF PERSON TO WHOM A RECEIPT HAS BEEN NEGO- TrATEn.-A person to whom a negotiable receipt has been duly negotiated acquires thereby (a) Such title to the goods as the person negotiating the receipt to him had or had ability to convey to a purchaser in good faith for value, and also such title to the goods as the depositor or person, to whose order the goods were to be delivered by the terms of the receipt had or had ability to convey to a purchaser in good faith for value
and (b) The direct obligation of the warehouseman to hold possession of the goods for him according to the terms of the receipt as fully as if the warehouseman had contracted directly with him . SEC. 767 . RIG HTS OF PERSON TO W HOM A RECEIPT HAS BEEN TRANd- FERRED .-A person to whom a receipt has been transferred but not negotiated acquires thereby, as against the transferor, the title to the goods, subject to the terms of any agreement with the transferor . If the receipt is nonnegotiable, such person also acquires the right to notify the warehouseman of the transfer to him of such receipt, and thereby to acquire the direct obligation of the warehouseman to hold possession of the goods for him according to the terms of the receipt . Prior to the notification of the warehouseman by the transf eror or transfer ee of a nonnegot iable rec eipt, th e title of the transferee to the goods and the right to acquire the obligation of the warehouseman may be defeated by the levy of an attachment or exec ution upon the g oods by a credit or of the transf eror, or b y a notification to the warehouseman by the transferor ; or a subsequent purchaser from the transferor of a subsequent sale of the goods by the transferor . By indorsement . Transfer of . 1237 Who may nego tiat e. Rights of pers on to whom negotiated . To whom transferred .
