§ 1132. Definitions, etc. Section 42. [DEFINITIONS OF TERMS.] First. That in this Act, unless the context of subject-matter otherwise requires― "Action" includes counterclaim, set-off, and suit in equity. "Bill" means bill of lading governed by this Act. "Consignee" means the person named in the bill as the person to whom delivery of the goods is to be made. "Consignor " means the person named in the bill as the person from whom the goods have been received for ship ment. "Goods" means merchandise or chattels in course of transportation or which have been or are about to be transported. "Holder" of a bill means a person who has both actual possession of such bill and a right of property therein. "Order" means an order by indorsement on the bill. Person" includes a corporation or partnership, or two or more persons having a joint or common interest. To "purchase "includes to take as mortgagee and to take as pledgee. "State" includes any Territory, District, insular possession, or isthmian possession.91 § 1133. Final sections. Section 43. [THIS ACT NOT APPLICABLE TO OUTSTANDING BILLS.] That the provisions of this Act do not apply to bills made and delivered prior to the taking effect thereof. Section 44.-[IF PARTS ARE DECLARED UNCONSTI250, U. S. 199, 207, 39 S. Ct. 445, 447. 91 The definition of "State" is not in the Uniform State Law, which contains, however, the following definitions which are not included in the Federal Act. "Owner" does not include mortgagee or pledgee. "Purchaser" and pledgee. includes mortgagee "Value" is any consideration sufficient to support a simple contract. An antecedent or pre-existing obligation, whether for money or not, constitutes value where a bill is taken either in satisfaction thereof or as security therefor. (2) A thing is done "in good faith,” within the meaning of this Act, when it is in fact done honestly, whether it be done negligently or not. TUTIONAL OTHER PARTS STAND.] That the provisions and each part thereof and the sections and each part thereof of this Act are independent and severable, and the declaring of any provision or part thereof, or provisions or part thereof, or section or part thereof, or sections or part thereof, unconstitutional shall not impair or render unconstitutional any other provision or part thereof or section or part thereof.9% Section 45. [TIME WHEN THE ACT TAKES EFFECT.] That this Act shall take effect and be in force on and after the first day of January next after its passage. § 1134. Additional provisions in state law. Three sections of the Uniform State Law which were not re-enacted in the Federal Statute are here appended. Section 10. [ACCEPTANCE OF BILL INDICATES ASSENT TO ITS TERMS.] Except as otherwise provided in this act, where a consignor receives a bill and makes no objection to its terms or conditions at the time he receives it, neither the consignor nor any person who accepts delivery of the goods, nor any person who seeks to enforce any provision of the bill, shall be allowed to deny that he is bound by such terms and conditions, so far as they are not contrary to law or public policy.9 93 Section 40. [FORM OF THE BILL AS INDICATING RIGHTS OF BUYER AND SELLER.] Where goods are shipped by the consignor in accordance with a contract or order for their purchase, the form in which the bill is taken by the consignor shall indicate the transfer or retention of the property or right to the possession of the goods as follows: (a) Where by the bill the goods are deliverable to the buyer or to his agent, or to the order of the buyer or of his agent, the consignor thereby transfers the property in the goods to the buyer. (b) Where by the bill the goods are deliverable to the seller or to his agent, or to the order of the seller or of his agent, the seller thereby reserves the property in the goods. 92 This section is not in the Uniform State Law. 93 See supra, § 90b, for the common law upon this section. But if, except for the form of the bill, the property would have passed to the buyer on shipment of the goods, the seller's property in the goods shall be deemed to be only for the purpose of securing performance by the buyer of his obligations under the contract. (c) Where by the bill the goods are deliverable to the order of the buyer or of his agent, but possession of the bill is retained by the seller or his agent, the seller thereby reserves a right to the possession of the goods, as against the buyer. (d) Where the seller draws on the buyer for the price and transmits the draft and bill together to the buyer to secure acceptance or payment of the draft, the buyer is bound to return the bill if he does not honor the draft, and if he wrongfully retains the bill he acquires no added right thereby. If, however, the bill provides that the goods are deliverable to the buyer, or to the order of the buyer, or is indorsed in blank or to the buyer by the consignee named therein, one who purchases in good faith, for value, the bill or goods from the buyer, shall obtain the title to the goods, although the draft has not been honored, if such purchaser has received delivery of the bill indorsed by the consignee named therein, or of the goods, without notice of the facts making the transfer wrongful. Section 41. [DEMAND, PRESENTATION OR SIGHT DRAFT MUST BE PAID, BUT DRAFT ON MORE THAN THREE DAYS' TIME MERELY ACCEPTED, BEFORE BUYER IS ENTITLED TO THE ACCOMPANYING BILL.] Where the seller of goods draws on the buyer for the price of the goods and transmits the draft and a bill of lading for the goods either directly to the buyer or through a bank or other agency, unless a different intention on the part of the seller appears, the buyer and all other parties interested shall be justified in assuming: (a) If the draft is by its terms or legal effect payable on demand or presentation or at sight, or not more than three days thereafter (whether such three days be termed days of grace or not), that the seller intended to require payment of the draft before the buyer should be entitled to receive or retain the bill. (b) If the draft is by its terms payable on time, extending beyond three days after demand, presentation or sight (whether such three days be termed days of grace or not), that the seller intended to require acceptance, but not payment of the draft before the buyer should be entitled to receive or retain the bill. The provisions of this section are applicable whether by the terms of the bill the goods are consigned to the seller, or to his order, or to the buyer, or to his order, or to a third person, or to his order.94 94 At common law a time draft attached to a bill of lading indicated, in the absence of instructions that the bill of lading was to be surrendered on acceptance of the draft; but if a demand draft was thus attached the bill of lading was not to be surrendered CHAPTER XXXIII BILLS OF EXCHANGE AND PROMISSORY NOTES Law governing negotiable instruments... 1135 The Uniform Negotiable Instruments Law-general rules governing form of instrument. . . . 1136 Explanation of meaning of requirements stated in the preceding section... 1137 Possible additions or omissions... 1138 In Europe an instrument is overdue for all purposes at the same time.. 1172 |