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47-5-36 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Effect of Sale |
After goods have been lawfully sold to satisfy a warehouseman’s lien, or have been lawfully sold or disposed of because of their perishable or hazardous nature,… |
Proofed
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47-5-37 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Negotiation of Negotiable Receipt by Delivery |
A negotiable receipt may be negotiated by delivery:
(a) Where, by the terms of the receipt, the warehouseman undertakes to deliver the goods to the bearer; or
… |
Proofed
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47-5-38 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Negotiation of Negotiable Receipts by Indorsement |
A negotiable receipt may be negotiated by the indorsement of the person to whose order the goods are, by the terms of the receipt, deliverable. Such indorsement… |
Proofed
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47-5-39 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Transfer of Receipts |
A receipt which is not in such form that it can be negotiated by delivery may be transferred by the holder by delivery to a purchaser or donee. A nonnegotiable … |
Proofed
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47-5-40 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Who May Negotiate Receipt |
A negotiable receipt may be negotiated:
(a) By the owner thereof; or
(b) By any person to whom the possession or custody of the receipt has been intrusted by … |
Proofed
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47-5-41 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Rights of Person to Whom Receipt Negotiated |
A person to whom a negotiable receipt has been duly negotiated acquires thereby:
(a) Such title to the goods as the person negotiating the receipt to him had o… |
Proofed
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47-5-42 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Rights of Person to Whom Receipt Transferred |
A person to whom a receipt has been transferred, but not negotiated, acquires thereby, as against the transferor, the title of the goods, subject to the terms o… |
Proofed
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47-5-43 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Transfer of Negotiable Receipt With out Indorsement |
Where a negotiable receipt is transferred for value by delivery, and the indorsement of the transferor is essential for negotiation, the transferee acquires a r… |
Proofed
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47-5-44 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Warranties on Sale of Receipt |
A person who for value negotiates or transfers a receipt by indorsement or delivery, including one who assigns for value a claim secured by a receipt, unless a … |
Proofed
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47-5-45 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Indorser Not a Guarantor |
The indorsement of a receipt shall not make the indorser liable for any failure on the part of the warehouseman or previous indorsers of the receipt to fulfill … |
Proofed
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47-5-46 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
No Warranty Implied From Accepting Payment of a Debt |
A mortgagee, pledgee or holder for security of a receipt who in good faith demands or receives payment of the debt for which such receipt is security, whether f… |
Proofed
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47-5-47 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
When Negotiation Not Impaired by Fraud, Mistake, or Duress |
The validity of the negotiation of a receipt is not impaired by the fact that such negotiation was a breach of duty on the part of the person making the negotia… |
Proofed
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47-5-48 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Bona Fide Transferee of Possesser of Receipt After Prior Sale, Pledge or Transfer |
Where a person having sold, mortgaged, or pledged goods which are in a warehouse and for which a negotiable receipt has been issued, or having sold, mortgaged, … |
Proofed
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47-5-49 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Negotiation Defeats Vendor’s Lien |
Where a negotiable receipt has been issued for goods, no seller’s lien or right of stoppage in transitu shall defeat the rights of any purchaser for value in go… |
Proofed
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47-5-50 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Issue of Receipt for Goods Not Received; Penalty |
A warehouseman, or any officer, agent or servant of a warehouseman, who issues or aids in issuing a receipt knowing that the goods for which such receipt is iss… |
Proofed
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47-5-51 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Issue of Receipt Containing False Statement; Penalty |
A warehouseman, or any officer, agent or servant of a warehouseman, who fraudulently issues or aids in fraudulently issuing a receipt for goods knowing that it … |
Proofed
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47-5-52 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Issue of Duplicate Receipt Not so Marked; Penalty |
A warehouseman, or any officer, agent, or servant of a warehouseman, who issues or aids in issuing a duplicate or additional negotiable receipt for goods knowin… |
Proofed
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47-5-53 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Issue for Warehouseman’s Goods of Receipts Which do Not State That Fact; Penalty |
Where there are deposited with or held by a warehouseman goods of which he is owner, either solely or jointly or in common with others, such warehouseman, or an… |
Proofed
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47-5-54 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Delivery of Goods Without Obtaining Negotiable Receipt; Penalty |
A warehouseman, or any officer, agent or servant of a warehouseman who delivers goods out of the possession of such warehouseman, knowing that a negotiable rece… |
Proofed
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47-5-55 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Fraudulent Deposit of, and Negotiation of Receipt for, Goods Encumbered or Not Owned; Penalty |
Any person who deposits goods to which he has not title, or upon which there is a lien or mortgage, and who takes for such goods a negotiable receipt which he a… |
Proofed
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47-5-56 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Cases Not Provided for in This Article |
In any case not provided for in this article, the rules of law and equity, including the law merchant, and in particular the rules relating to the law of princi… |
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47-5-57 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Interpretation of Article |
This article shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it. |
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47-5-58 |
Ch. 47 — REGULATION OF TRADE |
Warehouse Receipts |
Definitions |
In this article, unless the context or subject matter otherwise requires:
“Action” includes counter claim, set-off, and suit in equity;
“Delivery” means volun… |
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47-6-1 |
Ch. 47 — REGULATION OF TRADE |
Money and Interest |
Money of Account |
The money of account of this State shall be the dollar, cent and mill. All accounts by public officers shall be so kept. |
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47-6-2 |
Ch. 47 — REGULATION OF TRADE |
Money and Interest |
Writing, Account or Entry Valid Although Sum Expressed in Other Money |
No writing shall be invalid, nor the force of any account or entry be impaired, because a sum of money is expressed therein otherwise than in such money of acco… |
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47-6-3 |
Ch. 47 — REGULATION OF TRADE |
Money and Interest |
Ascertainment of Value of Foreign Currency |
In any suit for a sum of money expressed in any foreign currency, or otherwise than in the money of account of this State, the jury, if there be one impaneled f… |
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47-6-4 |
Ch. 47 — REGULATION OF TRADE |
Money and Interest |
Silver Coin as Legal Tender |
The silver coin issued by the government of the United States shall be a legal tender for the payment of all debts heretofore or hereafter contracted by the cit… |
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47-6-5 |
Ch. 47 — REGULATION OF TRADE |
Money and Interest |
Legal Rate of Interest |
Except in cases where it is otherwise specially provided by law, legal interest shall continue to be at the rate of dollars upon one hundred dollars for a year,… |
Proofed
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47-6-6 |
Ch. 47 — REGULATION OF TRADE |
Money and Interest |
Usury |
All contracts and assurances made directly or indirectly for the loan or forbearance of money or other thing at a greater rate of interest than six per cent, ex… |
Proofed
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47-6-7 |
Ch. 47 — REGULATION OF TRADE |
Money and Interest |
Pleadings; Evidence; Issues; Trial |
Any defendant may plead in general terms that the contract or assurance on which the action is brought was for the payment of interest at a greater rate than is… |
Proofed
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47-6-8 |
Ch. 47 — REGULATION OF TRADE |
Money and Interest |
Remedy in Equity; Injunction |
Any borrower of money or other thing may exhibit a bill in equity against the lender, and compel him to discover upon oath the money or thing really lent, and a… |
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47-6-9 |
Ch. 47 — REGULATION OF TRADE |
Money and Interest |
Action or Suit to Recover Back Usurious Interest |
If an excess beyond the lawful interest be paid in any case for the loan or for bearance of money or other thing, the person paying the same may in a suit or ac… |
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47-6-10 |
Ch. 47 — REGULATION OF TRADE |
Money and Interest |
Corporations Not Entitled to Defense of Usury |
No corporation shall interpose the defense of usury in any suit or proceeding at law or in chancery, nor shall any bond, note, debt, or contract of a corporatio… |
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47-7-1 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
When License Necessary to Make Loan at Greater Rate Than Six Per Cent |
No person, firm or corporation shall engage in the business of making loans of money, credit, goods or things in action in the amount or to the value of three h… |
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47-7-2 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Application for License; Fee |
Application for such license shall be in writing and shall contain the full name and address, both of the residence and place of business, of the applicant, and… |
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47-7-3 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Bond |
The applicant shall also at the same time file with the licensing official a bond in which the applicant shall be the obligor, in the sum of one thousand dollar… |
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47-7-4 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Issuance of License; Expiration; Not Assignable; Posting |
Upon the filing of such application and the approval of the bond and the payment of the fee, the licensing official shall issue a license to the applicant to ma… |
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47-7-5 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Additional Bond |
If in the opinion of the licensing official the bond shall at any time appear to be insecure or exhausted or otherwise doubtful, an additional bond in the sum o… |
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47-7-6 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Revocation of License; Effect of Second Offense |
The licensing official may, upon notice to the licensee and reasonable opportunity to be heard, revoke such license if the licensee has violated any provision o… |
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47-7-7 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Where and Under What Name Loan to be Made; Additional License for Additional Place of Business |
No person, firm or corporation so licensed shall make any loan provided for by this article under any other name or at any other place of business than that nam… |
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47-7-8 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Change of Place of Business |
Whenever the licensee shall change his place of business he shall at once give written notice thereof to the licensing official who shall attach to the license … |
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47-7-9 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Investigation of Loans and Business |
The licensing official, for the purpose of discovering violations of this article, may either personally or by any person designated by him, at any time and as … |
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47-7-10 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Licensee to Keep and Preserve Books and Records |
The licensee shall keep such books and records in his place of business as in the opinion of the licensing official will enable the licensing official to determ… |
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47-7-11 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
False or Deceptive Statements |
No licensee or other person, firm or corporation shall print, publish or distribute, or cause to be licensed, printed, published or distributed, in any manner w… |
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47-7-12 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Interest Rate; Charge of Excessive Rate Voids Contract |
Every person, firm and corporation licensed under the provisions of this article may loan any sum of money not exceeding in amount three hundred dollars and may… |
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47-7-13 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Statement to be Delivered to Borrower; Payment Before Maturity; Receipts; Cancellation of Papers and Notes; Release of Liens |
Every licensee shall deliver to the bo rower at the time a loan is made a statement in the English language showing in clear and distinct terms the amount and d… |
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47-7-14 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Confession of Judgment; Power of Attorney; Contents of Note or Security; Blanks in Instrument |
No licensee shall take any confession of judgment or any power of attorney. Nor shall he take any note, promise to pay or security that does not state the actua… |
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47-7-15 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
What Transactions Deemed Loans |
The payment of three hundred dollars or less in money, credit, goods or things in action as a consideration for any sale, assignment or order for the payment of… |
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47-7-16 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Loan to be Paid to Borrower When Order or Assignment Executed; Execution of Order, Assignment or Lien; Amount Collectible From Employer |
No assignment of or order for the payment of any salary, wages, commissions or other compensation for services, earned or to be earned, given to secure any such… |
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47-7-17 |
Ch. 47 — REGULATION OF TRADE |
Licensed Loans of Small Amounts |
Interest at Greater Rate Than Six Per Cent to be Charged Only Under Authority of This Article |
No person, firm or corporation, except as authorized by this article or otherwise provided by law, shall directly or indirectly charge, contract for or receive … |
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