Commercial Law with Illustrative Examples and Legal Forms (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 Excerpt: ...should be destroyed without the fault or neglect of the workman and before the work upon it is completed, the laborer would be entitled to compensation for the amount of work actually done. Upon the termination of the bailment contract, it is the duty of the bailee to return the identical property to the bailor or his agent, together with all natural accessions to the property; as, for example, an animal's offspring, born during the time the bailment was in effect. 172. Warehouseman.--A warehouseman is one lawfully engaged in the business of storing goods for profit. In some states it is necessary to secure a license from the authorities before engaging in this business; and the duties and liabilities of such persons are prescribed by statutes. A private warehouseman may select his customers and accept goods for storage from whomever he chooses. He may issue a "warehouse receipt" for the goods received by him; such receipts must contain a description of the goods, give the location of the warehouse, rate of storage charges, and date of issue, and state to whom the goods will be delivered, together with a statement of any lien the warehouseman may have on the particular property stored. This receipt may be negotiable in character, which will permit the holder to transfer it by indorsement so as to give the indorsee the right to claim the goods, under certain conditions, upon the presentation of the receipt. This is a common practice where grain is stored. A warehouseman who issues a negotiable receipt knowing that the goods for which the receipt is issued have not been actually received or are not actually under his control at the time of issuing, or knowing that the receipt contains a false statement, is guilty of a crime and can be punishe...