Section 33. Rights of Person to Whom Document has been Negotiated.—

A person to whom a negotiable document of title has been duly negotiated acquires thereby;

1. Such title to the goods as the person negotiating the document to him had or had ability to convey to a purchaser in good faith for value and also such title to the goods as the person to whose order the goods v?ere to be delivered by the terms of the document had or had ability to convey to a purchaser in good faith for value, and

2. The direct obligation of the bailee issuing the document to hold possession of the goods for him according to the terms of the document as fully as if such bailee had contracted directly with him.