352
THE HONGKONG GOVERNMENT GAZETTE, 18TH APRIL, 1896.
Effect of pledges of documents of title.
Pledge for antecedent debt.
Rights Required by exélange of goods or
eements.
Agreements
through clerks, No.
Provision
19
Te con-que "S
and con
signew...
Disposition by
ster renin-
ing in
Pusic,
Disposition by buyer cbraia- ing possession,
Effect of ister of
ser dor's Een or riant of stepped in 10MSLA.
Male of transferring GOPULERUNT
Saving for rights of trad
3. A pledge of the documents of title to goods shall be decmed to be a pledge of the goods.
4. Where a mercantile ngent pledges goods as security for a debt or liability due from the pledgor to the pledgee before the time of the pledge, the pledgee shall acquire no further right to the goods than could have been enforced by the pledgor at the time of the pledge.
5. The consideration necessary for the validity of a sale, pledge, or other disposition, of goods, in pursuance of this Ordinance, may be either a payment in cash, or the delivery or transfer of other goods, or of a doenment of title to goods, or of a negotiable security, or any other valuable consideration; but where goods are pledged by a mercantile agent in consideration of the delivery or transfer of other goods, or of a document of title to goods, or of a negotiable secuity, the pledgee shall acquire no right or interest in the goods so pledged in excess of the value of the goods, documents, or security when so delivered or transferred in exchange.
6. For the purposes of this Ordinance an agreement made with a mercantile agent through a clerk or other persoU authorised in the ordinary course of business to make contracts of sale or pledge on his behalf shall be deemed to be an agreement with the agent.
7. (1) Where the owner of goods has given possession of the goods to another person for the purpose of consign- ment or sale, or has shipped the goods in the name of another person, and the consignee of the goods has not had notice that such persen is not the owner of the goods, the consignee shall, in respect of advances made to or for the use of such person, have the same lien on the goods as if such person were the owner of the goods, and may transfer any such len to another person.
(2) Nothing in this section shall limit or affect the validity of any sale, pledge, or disposition, by a mercantile agent.
Dispositions by Sellers and Buyers of Goods.
8. Where a person, having sold goods, continues, or is, in possession of the goods or of the documents of title to the goods, the delivery or transfer by that person, or by a mercantile agent acting for him, of the goods or documents of title under any sale, pledge, or other disposition thereof, or under any agreement for sale, pledge, or other disposition thereof, to any person receiving the same in good faith and without notice of the previous sale, shall have the same effect as if the person making the delivery or transfer were expressly authorised by the owner of the goods to make the
saine.
9. Where a person, having bought or agreed to buy goods, obtains with the consent of the seller possession of the goods or the documents of title to the goods, the delivery or transfer, by that person or by a mercantile agent acting for him, of the goods or documents of title, under any sale, pledge, or other disposition thereof, or under any agreement for sale, pledge, or other disposition thereof, to any person receiving the same in good faith and without notice of any lien or other right of the original seller in respect of the goods, shall have the same effect as if the person making the delivery or transfer were a mercantile agent in possession of the goods or documents of title with the consent of the owner.
10. Where a document of title to goods has been lawfully transferred to a person as a buyer or owner of the goods, and that person transfers the document to a person who takes the document in good faith and for valuable consider- ation, the last-mentioned transfer shall have the same effect for defeating any vendor's lien or right of stoppage in tramite as the transfer of a bill of lading has for defeating the right of stoppage in transita.
Supplemental.
11. For the purposes of this Ordinance, the transfer of a document may be by endorsement, or, where the document is by custom or by its express terms transferable by delivery, or makes the goods deliverable to the bearer, then by delivery.
12. (1) Nothing in this Ordinance shall authorise an agent to exceed or depart from his authority as between himself and his principal, or exempt him from any liability, civil or criminal, for so doing.