| The bill represents the goods, and transfer of the bill is, therefore, equivalent to delivery of the goods to the transferee. |
| Where the franchisor is uninvolved, the transferee does not rely on any representations of the franchisor made to induce the transfer. |
| But neither in the case of land nor in that of chattels is it required that the transfer to the transferee be for value. |
| The transferee cannot acquire a better title than the party from whom he took it had. |
| An assignment of a chattel mortgage apart from the debt secured, passes no interest to the transferee. |
| The transferor keeps one copy, and sends the remaining three copies to the transferee, along with the property being transferred. |
