Northcutt v. Peoples Bonded Warehouse Co. ( 1932 )

Stacy, C. J.

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, admittedly not hel,d by or issued to the plaintiff, were competent to show plaintiff’s inability to obtain delivery of the cotton, upon demand without them, and knowledge on his part of this .fact long before 18 January, 1923.

Moreover, while- ratification or estoppel is not pleaded, having taken credit for the cotton on his account with J. E. Moore and Company, it would seem that plaintiff’s damage, in the instant case, ought to be reduced, at least, by the amount of such credit.

New trial.