Effective - 28 Aug 1965
411.571. Transferor of receipt to endorse. — Where a negotiable receipt is transferred for value by delivery, and the endorsement of the transferor is essential for negotiation, the transferee acquires a right against the transferor to compel him to endorse the receipt unless a contrary intention appears. The negotiation shall take effect as of the time when the endorsement is actually made.
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(L. 1965 p. 606)