Pledges by way of exchange protected
69 Pledges by way of exchange protected
Where a mercantile agent pledges goods in consideration of the delivery or transfer of any other goods or documents of title to goods or negotiable securities upon which the person delivering or transferring the same had at the time a valid and available lien and security for or in respect of a previous advance by virtue of some contract or agreement made with such agent such pledge if the pledgee acts in good faith and without notice that such agent had not authority to make the same shall be deemed to be in consideration of an advance within the meaning of this Part as if there had been a present advance of money but the pledgee shall acquire no right or interest in excess of the value of the goods documents or negotiable securities when so delivered or transferred.
No. 3694 s. 68.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.