Subsequent negotiation.
Section 48
SEC. 48. Subsequent negotiation.—Where a person having sold, mortgaged, or pledged goods which are m a warehouse and for which a negotiable receipt has been issued, or having sold, mortgaged, or pledged the negotiable receipt representing such goods, continues in possession of the negotiable receipt, the subsequent negotiation thereof by that person under any sale, or other disposition thereof to any person receiving the same in good faith, for value and without notice of the previous sale, mortgage, or pledge. shall have the same effect as if the first purchaser of the goods or receipt had expressly authorized the subsequent negotiation.