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§ 11-803. Consignee considered owner

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 11. Trade Regulation
Subtitle 8. Consignees (Refs & Annos)
MD Code, Commercial Law, § 11-803
§ 11-803. Consignee considered owner
Currentness
(a) Except as provided by subsection (b) of this section, a consignee entrusted with and in possession of a possessory document is considered the true owner of the goods described in the document for the purpose of any contract with a third person for:
(1) The sale or disposal of the goods; or
(2) The pledge or deposit of them as security for any money or negotiable instrument advanced or given on the faith of the possessory document.
(b) A contract, pledge, or deposit described in subsection (a) of this section is not valid if the third person has notice that the consignee is not the true owner of the goods.

Credits

Added by Acts 1975, c. 49, § 3, eff. July 1, 1975.
Formerly Art. 2, § 3.
MD Code, Commercial Law, § 11-803, MD COML § 11-803
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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