II.
(10%)
Alex deposited goods for which Billy, a warehouseman, issued a negotiable warehouse receipt wherein the goods were deliverable to Alex or order. Alex negotiated the receipt to Caloy. Thereafter, Dario, a creditor, secured judgment against Alex and served notice of levy over the goods on the warehouseman.
(a) To whom should the warehouseman deliver the goods upon demand?
(b) Would your answer be the same if the warehouseman issued a non-negotiable warehouse receipt? Reason briefly.
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1 comment:
II.
a.
The warehouseman should deliver the goods to Caloy. Under the law, so long as the goods are covered by a negotiable warehouse receipt, these goods may not be attached by a creditor or levied upon on execution based on a final judgment against the depositor.
b.
No. If the warehouseman issued a non-negotiable warehouse receipt, the assignee (Caloy) has the duty to advise the warehouseman that he is the owner, and until he does, his rights may be defeated by a subsequent attaching creditor, or a subsequent levy on execution.
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