Report No. 13
Section 178.- (a) Section 178 of the principal Act shall be renumbered as sub-section (2) of that section, and the following sub-section shall be inserted as sub-section (1) of that section, namely:-
"(1) Where the owner of any goods is in possession of the documents of title to the goods, any pledge made by him by delivery of the documents of title shall be as valid as a pledge by him by delivery of the goods."
(b) For the marginal note to section 178 of the principal Act, the following shall be substituted, namely:-
"Pledge by owner in possession of documents of title, or by mercantile agent."