Pennsylvania Act 1834-167 — FACTORS ACT

Act text

FACTORS ACT
                 Act of Apr. 14, 1834, P.L. 375, No. 167              Cl. 12
                                  AN ACT

     For the amendment of the law relating to Factors.
        Section 1.  Be it enacted by the Senate and House of
     Representatives of the Commonwealth of Pennsylvania in General
     Assembly met, and it is hereby enacted by the authority of the
     same, That whenever any person entrusted with merchandize, and
     having authority to sell or consign the same, shall ship or
     otherwise transmit the same to any other person, such other
     person shall have a lien thereon--
        I.  For any money advanced or negotiable security given by
     him on the faith of such consignment, to or for the use of the
     person in whose name such merchandize was shipped or
     transmitted.
        II.  For any money or negotiable security received for the
     use of such consignee by the person in whose name such
     merchandize was shipped or transmitted.
        Section 2.  But such lien shall not exist for any of the
     purposes aforesaid, if such consignee shall have notice by the
     bill of lading or otherwise, before the time of such advance or
     receipt, that the person in whose name such merchandize was
     shipped or transmitted is not the actual owner thereof.
        Section 3.  Whenever any consignee or factor, having
     possession of merchandize, with authority to sell the same, or
     having possession of any bill of lading, permit, certificate,
     receipt or order, for the delivery of merchandize, with the like
     authority, shall deposit or pledge such merchandize, or any part
     thereof, with any other person, as a security for any money
     advanced or negotiable instrument given by him on the faith
     thereof; such other person shall acquire by virtue of such
     contract the same interest in and authority over the said
     merchandize, as he would have acquired thereby if such consignee
     or factor had been the actual owner thereof: Provided, That such
     person shall not have notice by such document or otherwise
     before the time of such advance or receipt, that the holder of
     such merchandize or document is not the actual owner of such
     merchandize.
        Section 4.  If any person shall accept or take such
     merchandize or document from any such consignee or factor, in
     deposit or pledge for any debt or demand previously due by or
     existing against such consignee or factor, and without notice as
     aforesaid, and if any person shall accept or take such
     merchandize or document from any such consignee or factor in
     deposit or pledge, with notice or knowledge that the person
     making such deposit or pledge is a consignee or factor only, in
     every such case the person accepting or taking such merchandize
     or document in deposit or pledge, shall acquire the same right
     and interest in such merchandize as was possessed or could have
     been enforced by such consignee or factor against his principal
     at the time of making such deposit or pledge, and no further or
     other right or interest.
        Section 5.  Nothing in this act contained, shall be construed
     or taken
        I.  To affect any lien which a consignee or factor may
     possess at law, for the expenses and charges attending the
     shipment or transmission and care of merchandize consigned, or
     otherwise entrusted to him.
        II.  Nor to prevent the actual owner of merchandize from
     recovering the same from such consignee or factor, before the
     same shall have been deposited or pledged as aforesaid, or from
     the assignees or trustees of such consignee or factor, in the
     event of his insolvency.
        III.  Nor to prevent such owner from recovering any
     merchandize so as aforesaid deposited or pledged, upon tender of
     the money, or of restoration of any negotiable instrument so
     advanced, or given to such consignee or factor, and upon tender
     of such further sum of money, or of restoration of such other
     negotiable instrument, if any, as may have been advanced or
     given by such consignee or factor to such owner, or on tender of
     a sum of money equal to the amount of such instrument.
        IV.  Nor to prevent such owner from recovering, from the
     person accepting or taking such merchandize in deposit or
     pledge, any balance or sum of money remaining in his hands as
     the produce of the sale of such merchandize, after deducting
     thereout the amount of money or the negotiable instrument so
     advanced or given upon the security thereof, as aforesaid.
        Section 6.  (6 repealed Mar. 31, 1860, P.L.427, No.375)