The original work on this subject is now out of print. It has been replaced by this text, which constitutes a thorough revision and updating of the original 1932 first edition. It embodies additions inspired by the Uniform Commercial Code and improves the black letter formulations by altering the order or scope of topics to enhance clarity or reduce redundancy. Many parts have been redrafted in the interests of simplification, precision, or refinement of analysis. Also significant is the inclusion of extensive commentary, Reporter's Notes canvassing the leading authoritative sources, and the description and analysis of widespread statutory development.