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Provided that the person taking under the disposition acts in good faith and has not at the time of the disposition notice that the person making the disposition has not authority to make the same.
(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 con sent 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. No. 9 of 1896, s. 2.
4. A pledge of the documents of title to goods shall be deem- Eteet of ed to be a pledge of the goods. No. 9 of 1896, s. 3.
pledge of documents of title
5. Where a mercantile agent pledges goods as security for a Pledge for 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. No. 9 of 1896, s. 4.
6. The consideration necessary for the validity of a sale, Rights pledge or other disposition of goods in pursuance of this Ordi-acquired by
exchange of nance may be either a payment in cash or the delivery or trans-goods or fer 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, documents or security when so delivered or transferred in exchange. No. 9 of 1896, s. 5. .
7. For the purposes of this Ordinance an agreement made Agreements with a mercantile agent through a clerk or other person author-erkete. ised 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. No. 9 of 1896, s. 6.
8. Where the owner of goods has given possession of the Provisions as goods to another person for the purpose of consignment or sale
and consignees 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 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 lien to another person.
(2) Nothing in this section shall limit or affect the validity of any sale, pledge or disposition by a mercantile agent. No. 9 of 1896, s. 7.
DISPOSITIONS BY BUYERS AND SELLERS OF GOODS.
Disposition by seller remaining in possession
9. 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 same. No. 9 of 1896, s. 8.
Disposition by buyer obtaining possession
10. 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. No. 9 of 1896, s. 9.
11. Where a document of title to goods has been lawfully Effect of transfer of transferred to a person as buyer or owner of the goods and that documents on vendor's lion person transfers the document to a person who takes the docuor right of stoppage in
ment in good faith and for valuable consideration the last transitu mentioned transfer shall have the same effect for defeating any
vendoz's lien or right of stoppage in transitu as the transfer of a bill of lading has for defeating the right of stoppage in transitu. No. 9 of 1896, s. 10.
12. For the purposes of this Ordinance the transfer of a document may be by indorsement or where the document is bv custom or by its express terms transferable by delivery or makes the goods deliverable to the bearer then by delivery. No. 9 of 1896, s. 11.
Liability of agent
13. 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
(2) Nothing in this Ordinance shall prevent the owner of saving for goods from recovering the goods from an agent or assignee true owner under an assignment for the benefit of creditors at ~ny time before the sale or pledge thereof or shall prevent the owner of goods pledged by an agent from having the right to redeem the goods at any time before the sale thereof on satisfying the claim for which the goods were pledged and paying to the agent, if by him required, any money in respect of which the agent would by law be entitled to retain the goods or the documents of title thereto or any of them by way of lien as against the owner or from recovering from any person with whom the goods have been pledged any balance of money remaining in his hands as the produce of the sale of the goods after deducting the amount of his lien.
(3) Nothing in this Ordinance shall prevent the owner of goods sold by an agent from recovering from the buyer the price agreed to be paid for the same or any part of that price subject to any right of set-off on the part of the buyer against the agent. No. 9 of 1896, s. 12.
14. The provisions of this Ordinance shall be construed in Saving for amplification and not in derogation of the powers exercisable powers of by an agent independently of this Ordinance. No. 9 of 1896, agent s. 13.
NHE Lieutenant Governor by and with the advice and con
sent of the Legislative Assembly of the Territories enacts as follows:
Assignment of debts and choses in (ction
1. Every debt and any chose in action arising out of contract shall be assignable at law by any form of writing which shail contain apt words in that behalf but subject to such conditions and restrictions in respect to the right of transfer as may appertain to the original debt or as may be connected with or be contained in the original contract and the assignee thereof may bring an action thereon in his own name as the party might to whom the debt was originally owing or to whom the right of action originally arose or he may proceed in respect of the same as though this Ordinance had not been passed. R.O. c. 50, s. 1.
2. The term "assignee” in the next preceding section shall include
any person now being or hereafter becoming entitled to any first or subsequent assignment or transfer or any derivative title to a debt or chose in action and possessing, at the time of the suit or action being instituted, the whole and entire beneficial interest therein and the right to receive the subject or proceeds thereof and to give effectual discharge therefor. R.O. c. 50, s. 2.
Action for debt on assignment
3. The plaintiff in any action or suit for the recovery of the subject of any assignment made in conformity with the two next preceding sections shall in his statement of claini set forth briefly the chain of assignments showing how he claims title but in all other respects the proceedings may be the same as if the action were brought in the name of the original creditor or of the person to whom the cause of action accrued. R.O. c. 50, s. 3.
Equities of 4. In case of any assignment of a debt or chuse in action
arising out of contract and not assignable by delivery such before notice assignment shall be subject to any defence or set-off in respect
of the whole or any part of such debt or chose in action arising
Assignee's rights after
5. In case of any assignment made in conformity with the provisions hereof and notice thereof given to the debtor or
person liable in respect of the subject of such assignment the notice to assignee shall have, hold and enjoy the same free of any claims, aefences or equities which may have arisen subsequent to such notice by any act of the assignor or otherwise. R.O. c. 50, s. 5.
6. The bonds or debentures of corporations made payable to Securities bearer or any person named therein or bearer may be trans
by delivery ferred by delivery alone and such transfer shall vest the property in such bonds or debentures in the transferee or in the holder thereof and any such holder may bring any action or suit on or in respect of any such bonds or debentures in his
R.O. c. 50, s. 6.
7. The provisions of the preceding sections shall not be con- Negotiable strued to apply to bills of exchange or promissory notes or instruments instruments which are negotiable or in respect of which the property therein passes by mere delivery. R.O. c. 50, s. 7.