§ 88 — Consignee or factor; fraudulent deposit or pledge of property

Section 88. A consignee or factor who, in violation of good faith and with intent to defraud the owners thereof, deposits or pledges, as security for money borrowed by him, a negotiable instrument received by him, merchandise consigned or intrusted to him, or a bill of lading, certificate or order for the delivery of merchandise; or who, in like violation and with like intent, disposes of or applies such property or evidence of property to his own use; or who, in like violation and with like intent, disposes of or applies to his own use money which has been raised or a negotiable instrument which has been acquired by the sale or other disposition of such property or evidence of property, shall be punished by a fine of not more than five thousand dollars and imprisonment for not more than five years.