1964 Ed.]
Factors.
[CAP. 48
3
(2) Where a mercantile agent has, with the consent of the owner, been in possession of goods or of the documents of title to goods, any sale, pledge, or other disposition, which would have been valid if the consent had continued, shall be valid notwithstanding the determination of the consent:
Provided that the person taking under the disposition has not, at the time thereof, notice that the consent has been determined.
(3) Where a mercantile agent has obtained possession of any documents of title to goods by reason of his being or having been, with the consent of the owner, in possession of the goods represented thereby, or of any other documents of title to the goods, his possession of the first-mentioned documents shall, for the purposes of this Ordinance, be deemed to be with the consent of the owner.
(4) For the purposes of this Ordinance, the consent of the owner shall be presumed in the absence of evidence to the contrary.
4. A pledge of the documents of title to goods shall be deemed to be a pledge of the goods.
5. Where a mercantile agent 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.
6. 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 document 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 security, the pledgee shall acquire no right or interest in the goods so pledged in excess of the value of the goods, document, or security when so delivered or transferred in exchange.
7. For the purposes of this Ordinance, an agreement made with a mercantile agent through a clerk or other person authorized 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.
8. (1) Where the owner of goods has given possession of the goods to another person for the purpose of consignment 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 person is not the owner of the goods, the consignee shall, in respect of
Pledge of documents of title.
Pledge for antecedent debt.
Rights acquired by exchange of goods or documents.
Agreement through clerk, etc.
Provisions as to consignor and consignee.
1964 Ed.]
Factors.
[CAP. 48
3
(2) Where a mercantile agent has, with the consent of the owner, been in possession of goods or of the documents of title to goods, any sale, pledge, or other disposition, which would have been valid if the consent had continued, shall be valid notwith- standing the determination of the consent:
Provided that the person taking under the disposition has not, at the time thereof, notice that the consent has been determined.
(3) Where a mercantile agent has obtained possession of any documents of title to goods by reason of his being or having been, with the consent of the owner, in possession of the goods repre- sented thereby, or of any other documents of title to the goods, his possession of the first-mentioned documents shall, for the purposes of this Ordinance, be deemed to be with the consent of the owner.
(4) For the purposes of this Ordinance, the consent of the owner shall be presumed in the absence of evidence to the contrary.
4. A pledge of the documents of title to goods shall be deemed to be a pledge of the goods.
5. Where a mercantile agent 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.
6. The consideration necessary for the validity of a sale, pledge, or other disposition of goods, in pursuance of this Ordin- ance, may be either a payment in cash, or the delivery or transfer of other goods, or of a document of title to goods, or of a negoti- able 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 security, the pledgee shall acquire no right or interest in the goods so pledged in excess of the value of the goods, document, or security when so delivered or transferred in exchange.
7. For the purposes of this Ordinance, an agreement made with a mercantile agent through a clerk or other person authorized 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.
8. (1) Where the owner of goods has given possession of the goods to another person for the purpose of consignment 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 person is not the owner of the goods, the consignee shall, in respect of
Pledge of documents of title.
Pledge for
antecedent debt.
Rights acquired by exchange of goods or documents.
Agreement through clerk, etc.
Provisions as tc consignor and consignee.
No comments yet.
Private notes are available after approval.