Section 18-306 - Negotiation of Warehouse Receipt for Mortgaged Goods and Goods of Others

A person may not deposit goods to which he has no title or on which there is a lien or security interest and take a negotiable warehouse receipt for the goods and negotiate it for value: (1) With intent to defraud; and (2) Without disclosing his lack of title or the existence of the lien or security interest.