§ 4 — Lien for advances to consignee

Massachusetts § 4

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XV: REGULATION OF TRADE
• Ch. 104: AGENTS, CONSIGNEES AND FACTORS

Text

Section 4. If a consignee or factor, having possession of merchandise, or a bill of lading, permit, certificate or order for the delivery thereof, with authority to sell said merchandise, deposits or pledges such merchandise or a part thereof or such document with any other person as security for money or merchandise advanced or for a negotiable instrument given by him on the credit thereof, such other person, if he makes such loan, advance or exchange in good faith and with probable cause to believe that the agent making the deposit or pledge had authority so to do and was not acting fraudulently against the owner of such merchandise, shall, notwithstanding he has notice of such agency, acquire the same interest in and authority over such merchandise and documents as he would have acquired if the agent had been the actual owner thereof. In the event of conflict between the provisions of this section and provisions of article nine of chapter one hundred and six, the provisions of said article nine govern.