Factors Acts Amendment Act 1878

IN this Act the expression “the principal Acts” means the following Acts, that is to say: —

The Act of the 4th George 4th (1823), c.83.

The Act of the 6th George 4th (1825), c.94.

The Act of the 5th and 6th of Her Majesty (1842), c.39.

And the said Acts and this Act may be cited for all purposes as “The Factors Acts 1823 to 1878.”

WHERE any agent or person has been entrusted with and continues in the possession of any goods, or documents of titles to goods, within the meaning of the principal Acts as amended by this Act, any revocation of his entrustment or agency shall not prejudice or affect the title or rights of any other person who, without notice of such revocation, purchases such goods, or makes advances upon the faith or security of such goods or documents.

WHERE any goods have been sold, and the vendor or any person on his behalf continues or is in the possession of the documents of title thereto, any sale, pledge, or other disposition of the goods or documents made by such vendor, or any person agent entrusted by the vendor with the goods or documents within the meaning of the principal Acts as amended by this Act so continuing or being in possession, shall be as valid and effectual as if such vendor or person were an agent or person entrusted by the vendee with the goods or documents within the meaning of the principal Acts as amended by this Act, provided the person to whom the sale, pledge, or other disposition is made has not notice that the goods have been previously sold.

WHERE any goods have been sold or contracted to be sold, and the vendee or any person on his behalf, obtains the possession of the documents of title thereto from the vendor or his agents, any sale, pledge, or disposition of such goods or documents by such vendee so in possession or by any other person or agent entrusted by the vendee with the documents within the meaning of the principal Acts as amended by this Act, shall be as valid and effectual as if such vendee or other person were an agent or person entrusted by the vendor with the documents within the meaning of the principal Acts as amended by this Act, provided the person to whom the sale, pledge, or other disposition is made has not notice of any lien or other right of the vendor in respect of the goods.

WHERE any document of title to goods has been lawfully endorsed or otherwise transferred to any person as a vendee or owner of the goods, and such person transfers such document by endorsement (or by delivery where the document is by custom or by its express terms transferable by delivery, or makes the goods deliverable to the bearer), to a person who takes the same bona fide and for valuable consideration, the last mentioned transfer shall have the same effect for defeating any vendor’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.

This Act shall apply only to acts done and rights acquired after the passing of this Act.

This Act may be cited as the Factors Acts Amendment Act 1878.

[Section 7 amended: No. 81 of 1966 s.2.]

¹ This is a compilation of the Factors Acts Amendment Act 1878 and includes all amendments effected by the other Acts referred to in the following Table.