Who may negotiate a receipt.
Section 40
SEC. 40. Who may negotiate a receipt.—A negotiable receipt may be negotiated— (a) By the owner thereof, or (b) By any person to whom the possession or custody of the receipt has been intrusted by the owner, if, by the terms of the receipt, the warehouseman undertakes to deliver the goods to the order of the person to whom the possession or custody of the receipt has been intrusted, or if at the time of such intrusting the receipt is in such form that it may be negotiated by delivery.