California · Penal Code

PEN §560.3: Any person who deposits goods with a bailee, as defined in Section 7102 of the Uniform Commercial Code, to which he has not title or upon which there is a security interest and who takes for such good

Misdemeanor

What this law says, in plain English

A person commits a crime by depositing goods with a bailee without owning them or while they have a security interest, then negotiating a title document for value while hiding these facts.

Read the full statutory text

Any person who deposits goods with a bailee, as defined in Section 7102 of the Uniform Commercial Code, to which he has not title or upon which there is a security interest and who takes for such goods a negotiable document of title which he afterwards negotiates for value with intent to deceive and without disclosing his want of title or the existence of the security interest shall be guilty of a crime, and upon conviction shall be punished for such offense by imprisonment not exceeding one year or by a fine not exceeding one thousand dollars ($1,000) or by both.

Verify at the official source: California legislative text

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