Northcutt v. Peoples Bonded Warehouse Co.

It is admitted that J. E. Moore and Company held a lien upon the cotton in question at the time of its delivery to the defendant. Receipts therefor were issued in the name of and delivered to the lienor. Plaintiff says the agreement was, that the receipts were not to be issued in the name of the mortgagee, but in his name, and left with J. E. Moore for safe-keeping.

Under the provisions of chap. 168, Public Laws, 1919, “said receipt carries absolute title to the cotton/’ and the cotton which it represents is “deliverable only upon a physical presentation of the receipt.” Thus, these receipts,…