Sec. 10.
No warehouseman shall issue any receipt or voucher for any personal property to any person, persons or corporation as security for any money loaned or for other indebtedness or indemnity, unless such property so receipted for shall be, at the time of issuing such receipt or voucher, the property, without encumbrance, of said warehouseman, and shall be actually in store and under the control of said warehouseman at the time of giving such receipt or voucher, and if such property be encumbered by prior lien, then the character, extent and amount of that lien shall be fully set forth and explained in the receipt.
History: 1895, Act 220, Eff. Aug. 30, 1895 ;-- CL 1897, 5039 ;-- CL 1915, 6545 ;-- CL 1929, 9632 ;-- CL 1948, 444.10
Structure Michigan Compiled Laws
Act 220 of 1895 - Warehousemen and Warehouse Receipts (444.1 - 444.27)
Section 444.1 - Warehouseman; Definition.
Section 444.2-444.6 - Repealed. 1962, Act 174, Eff. Jan. 1, 1964.
Section 444.7 - Warehouseman; Records and Receipts, Contents.
Section 444.8 - Repealed. 1962, Act 174, Eff. Jan. 1, 1964.
Section 444.9 - Warehouse Receipts; Issuance for Property Not Stored.
Section 444.10 - Warehouse Receipts; Issuance as Security for Loans or Debts.
Section 444.13 - Violation of Act; Misdemeanor, Penalty; Civil Liability.
Section 444.14-444.22 - Repealed. 1962, Act 174, Eff. Jan. 1, 1964.
Section 444.23 - Warehouseman; Rights as to Mistaken or Fraudulent Delivery.
Section 444.25 - Warehouseman; Fire Loss, Liability.
Section 444.26 - Examination of Property; Rights of Interested Persons, Time, Facilities.
Section 444.27 - Examination of Property; Warehouseman, Refusal to Allow, Penalty.