(a) Any security receipt or equipment trust certificate, which by its terms entitles the bearer to the benefits thereof, may be negotiated by delivery thereof by the holder.

(b) Any security receipt or equipment trust certificate, which by its terms entitles the person named therein to the benefits thereof, and which has been endorsed in blank, may be negotiated by delivery thereof by the holder, unless it contains an express provision limiting the right of transfer or the negotiable quality thereof.

(c) Any security receipt or equipment trust certificate, which by its terms entitles the person named therein to the benefits thereof and which has not been endorsed in blank, may be negotiated by endorsement and delivery thereof by the holder, unless it contains therein an express provision limiting the right of transfer or the negotiable quality thereof.

(d) A person to whom any security receipt or equipment trust certificate shall have been negotiated as in this section provided, and who shall have taken any such instrument from any person for value and without notice of prior defenses or equities or claims of ownership enforceable against such other person, shall have absolute title thereto, free of any defenses, or equities, or claims of ownership of or enforceable against the signer or any prior holder.

(e) Any holder of any such security receipt or equipment trust certificate shall be deemed prima facie to have title thereto as aforesaid; but, when it is shown that the title of any person who has negotiated such instrument was defective, the burden is on the holder to prove that he, or some person under whom he claims, acquired the title as a holder for value and without notice as aforesaid.

(f) The endorsement of a security receipt or equipment trust certificate shall not make the endorser liable for any failure on the part of the signer of the instrument to fulfill such signer's obligation.