CHAPTER VI. STOPPAGE IN TRANSIT. SECTION 710. When seller may stop goods. 711. What is insolvency of consignee. 712. Transit, when ended. 713. Stoppage, how effected. 714. Effect of stoppage. § 710. The seller or consignor' of a thing, whose claim for its price has not been extinguished,' may, upon the insolvency of the consignee becoming known to him' after parting with the thing, stop it while on its transit to the buyer, and resume possession thereof. 'See Siff ken v. Wray, 6 East, 371; Feise v. Wray, 3 id., When seller goods. may stop solvency of § 711. A person is insolvent, within the meaning of the What is inlast section, when he ceases to pay his debts in the manner consignee. usual with persons of his business, or declares his inability or unwillingness to do so. Rogers v. Thomas, 20 Conn., 53; Hays v. Mouille, 14 1 when ended § 712. The transit is at an end when the thing comes Transit, into the actual or constructive possession of the consignee,' or into that of his agent, unless such agent is employed merely to forward the thing to the consignee.' 'Mottram v. Heyer, 5 Denio, 629; 1 id., 483; Cowasjee v. Thompson, 5 Moore P. C., 165. Harris v. Pratt, 17 N. Y., 249. how 713. Stoppage in transit can be effected only by no- Stoppage, tice to the carrier or depositary of the thing, or by taking effected. actual possession thereof. Mottram v. Heyer, 5 Denio, 629; Whitehead v. Ander son, 9 M. & W., 518. § 714. Stoppage in transit does not of itself rescind a Effect of sale, but is a means of enforcing the seller's lien. Pars. Cont., 479. stoppage. Sale, by auction, defined. Sale, when complete. CHAPTER VII. SALE BY AUCTION. SECTION 715. Sale by auction defined. 716. Sale, when complete; withdrawal of bid. 717. Sale under written conditions. 718. Rights of buyer upon sale without reserve. 720. Auctioneer's memorandum of sale. § 715. Sale by auction is made by publicly offering the thing to be sold to the highest bidder. § 716. The sale is complete when the auctioneer publicly announces, by the fall of his hammer or in any other Withdrawal customary manner, that the thing is sold. Until such announcement, any bidder may withdraw his bid,' if he does so in a manner reasonably sufficient to bring it to the notice of the auctioneer." of bid. Sale under written 1 Payne v. Cave, 3 T. R., 148. 'Jones v. Nanney, 11 Price, 103; M'Clel., 39. § 717. If the sale is made upon written or printed conconditions. ditions, such conditions cannot be modified by the oral declarations of the auctioneer. Rights of buyer upon out reserve. Shelton v. Livius, 2 Cr. & J., 411; Bradshaw v. Bennett, 5 Car. & P., 48; Powell v. Edmunds, 12 East, 6. § 718. If the auctioneer, having authority to do so, has sale with publicly announced that the sale will be without reserve, or has made any announcement equivalent thereto, the highest bidder in good faith has an absolute right to the completion of the sale to him; and upon such a sale, bids by the seller or any agent for him are void. By-bidding. Warlow v. Harrison, 6 Jur. [N. S.], 66; 29 L. J. [Q. § 719. If any person is employed by the seller to bid at the sale, without an intention on his part to buy, or on the part of the seller to enforce his bid,' and the fact of such 'Crowder v. Austin, 3 Bing., 368; Rex v. Marsh, 3 Y. & eer's memo sale. § 720. When property is sold by auction, the auctioneer, Auctionhis partner or clerk, may enter in a sale book, at the time randum of of the sale, a memorandum specifying the name of the person for whom he sells, the nature of the thing sold, the price, the terms of sale, and the name of the buyer. A memorandum thus made binds both the parties in the same manner as if made by themselves. 2 R. S., 136, modified in form, but not in effect. TITLE II. EXCHANGE. SECTION 721. Exchange defined. 722. Parties have rights and obligations of sellers and buyers. 723. Thing of value of $50 or more. 724. Value to be paid upon failure to deliver thing. defined. § 721. Exchange is a contract by which the parties mu- Exchange tually give one thing for another, neither thing being money only. § 722. The provisions of the title on SALE apply to exchanges. Each party has the rights and obligations of a seller as to the thing which he gives, and of a buyer as to that which he takes. § 723. The provisions of § 677 apply to all exchanges in which the value of the thing given by either party is fifty dollars or more. Parties and obliga have rights tions of sellers and buyers. Thing of value of Value to be paid upon failure to deliver thing. § 724. If either party is unable to deliver the thing which he agreed to deliver, he must pay its value to the other party. Deposit, kinds of. Voluntary deposits, § 726. A voluntary deposit is made by one giving to how made. another, with his consent, the possession of a thing to keep for the benefit of the former. The former is called the depositor, and the latter the depositary. Involuntary deposit, how made. § 727. An involuntary deposit is made: 1. By the accidental casting of a thing into the possession of any person, without negligence on the part of its owner; 2. In cases of fire, shipwreck, inundation, insurrection, riot, or like extraordinary emergencies, by the owner of a thing committing it, out of necessity, to the care of any person. The person with whom a thing is thus deposited, is bound to receive it. ARTICLE II. OBLIGATIONS OF THE DEPOSITOR. SECTION 728. Depositor must indemnify depositary. § 728. The depositor must indemnify the depositary Depositor must in 1. For all damage caused to him by the defects or vices positary. of the thing;' 2. For all expenses necessarily incurred by him about the thing, other than such as are involved in the nature of the undertaking. 1 Code La., 2931; Code Napoleon, 1947. ARTICLE III. OBLIGATIONS OF THE DEPOSITARY. SECTION 729. Obligations of depositary of animals. 730. Obligations as to use of thing deposited. 731. Liability for damage arising from wrongful use. 732. Depositary of thing wrongfully detained from owner. 733. Sale of thing in danger of perishing. 734. Injury to or loss of thing deposited. 735. Thing deposited to be delivered with its increase. 736. No obligation to deliver without demand. § 729. The depositary of animals must provide them Obligation with suitable food and shelter, and treat them kindly. § 730. He may not make or permit any use of the thing deposited, without the consent of the depositor.' He may not open it, if it is purposely fastened by the depositor, without the consent of the latter, except in case of necessity." 1 Story on Bailm., § 89; Code of La., 2911. ร Story on Bailm., § 92; Code of La., 2914. of depositary of animals. Obligations thing depo as to use of sited. |