470. Transfers of bill of lading passing no property.

In the following circumstances, a transfer of a bill of lading, although purporting to pass the property in the goods, in fact passes no property in them to the transferee:

  1.  

    (1)     where the transfer is made in circumstances making the transfer inoperative, such as the insolvency of the transferor1, or the transferor's title is voidable, unless the transferee takes for value and in good faith2;

  2.  

    (2)     where the transferor has himself no property in the goods