· ALLEN v. JONES. 13
(Extracts from Act No. 72 of the Legislature of Louisiana of 1876, Re-
ferred to Above.) ‘
Sec. 4. Be it further enacted, etc., that parties who may borrow money on
the faith of warehouse receipt, representing property in store, shall file their
arlidavit with the pledgees that such property is theirs, the pledgeors’ personal
property, or that it is the property of some party for whom the pledgeor is act-
ing as agent, factor, commission merchant, or in any other fiduciary capacity;
and that said party is justly and truly indebted to the pledgeor in an amount
equal in value to the value of the property pledged, as specified in the ware-
house receipt, for moneys paid to him or paid by his order and for his account j
by the party or consignee making the pledge. The cashier of a bank, or the
secretary of any insurance company incorporated or working under any law
in the United States or of this state, is hereby authorized to administer the
oath contemplated under the provisions of this act. Any deviation therefrom
shall render the party or parties so deviating liable for the value of the prop-
erty, or any excess in value over and above the amount for which it may
have been pledged in any manner specified in section one of this act, and to
prosecute for perjury, and also for obtainingmoney under false pretenses.
Sec. 5. Be it further enacted, etc., that the vendors’ lien of live days priv-
ilege, now allowed in commercial transactions for the payment of the purchase
price, shall not be affected by the provisions of this act, except in case in
which awarehouse receipt has been pledged as collateral for money borrowed.
The holder of the warehouse receipt shall be considered and held as the actual
owner of the property described in the receipt, and no clause of this act shall
operate to the detriment or injury of the holder of a warehouse receipt, to
the extent of the value of the property specified, made and issued in accord-
ance with and under the provisions of this act: provided, that where the
factor,. agent, or pledgeor may have wrongfully pledged, in violation of this
act, any property, the lien of the owner shall be valid even against the third
holder of the warehouse receipt.
Sec. 8. Be it further enacted, etc., that all warehouse receipts, as by this
act provided, shall be negotiable by indorsement in blank, or by special in-
dorsement in the same manner and to the same extent as bills of exchange
and promissory notes now are.
(Extract from the Civil Code of Louisiana, Referred to Above.)
Art. 3227. He who has sold to another any movable property which is not
paid for has a preference on the price of his property over the other cred-
itors of the purchaser, whether the sale was made on a credit or without,
if the property still remains in the possession of the purchaser. S0 that, al-
though the vendor may have taken a note, bond, or other acknowledgment
from the buyer, he still enjoys the privilege. Any person who may sell the
agricultural products of the United States in the city of New Orleans shall be
entitled to a special lien and privilege thereon to secure the payment of the
purchase money for and during the space of five days only after the day of de-
livery, within which time the vendor shall be entitled to seize the same in
whatsoever hands or place they may be found; and his claim for the purchase
money shall have preference over all others. If the vendor gives a written
order for the delivery of any such products, and shall say therein that they
are to be delivered without vendor’s privilege, then no lien shall attach thereto.