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2. The WHMan has legal title in himself on the goods either through transfer
or satisfaction of WHMan's lien.
3. The WHMan has legally set-up the title or right of third persons as lawful
defense for non-delivery of goods.
4. The WHMan has a lien valid against the person claiming the goods.
5. The failure was not due to any fault on the part of the WHMan such as
calamity and fortuitoud event.
Distinction between Negotiable Instrument and Negotiable Warehouse
Receipt
1. as to alteration - NI becomes null and void while NWR is still valid but
enforceable only in accordance with its original tenor.
2. if originally payable to bearer - in NI it will always remain payable to
bearer reagrdless of the way it is endorsed, whether specially or in blank
while in NWR if it is payable to bearer endorsed specially, it will be converted
into receipt deliverable to order and can only be negotiated further by
indorsement and delivery.
3. as to rights of holder - in NI, a holder in due course may be able to obtain
the title better than which the party negotiated the instrument to him had,
while in NWR, the endorsee, even if holder in due course, obtains only such
title as the person negotiating had over the goods.