Outlines of Commercial Law: a Text book for Schools And Colleges
Outlines of Commercial Law: a Text book for Schools And Colleges
Oscar B Parkinson
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received for shipment, with the names of the consignor and the consignee, and an agreement upon his part to deliver them to the consignee. This bill of lading is usually made in duplicate, one copy being sent to the consignee; and upon presenting it to the car- rier, the carrier is ordinarily hound to deliver to him the goods named therein. In case of stoppage in transitu, however, the carrier is under no obligation to deliver the goods to an insolvent vendee, even if he does produce a bill of ...lading, but it often happens that a bill of lading is received by the vendee many days before the goods arrive^ and if he sells the bill of lading to a bona-fide purchaser, the right of stoppage in transitu can not afterwards be exercised so as to defeat the rights of the innocent holder of the bill of lading. While a bill of lading has not all the elements of a negotiable instrument, nevertheless the law provides that it may pass to a bona-fide holder in like manner as a bill of exchange. FEAUDULENT SALES.— In order to defraud creditors, a person owing sums of money often seeks to dispose of his property ])y a formal sale with the understanding, express or implied, that the property or its equivalent, is to be returned to him.
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