Section 34. Rights of Person to Whom Document has been Transferred.—

A person to whom a document of title has been transferred, but not negotiated, acquires thereby, as against the transferor, the title to the goods, subject to the terms of any agreement with the transferor,

If the document is non-negotiable, such person also acquires the right to notify the bailee who issued the document of the transfer .thereof, and thereby to acquire the direct obligation of such bailee to hold possession of the goods for him according to the terms of the document.

Prior to the notification of such bailee by the transferor or transferee of a non-negotiable document of title, the title of the transferee to the goods and the right to acquire the obligation of such bailee may be defeated by the levy of an attachment or execution upon the goods by a creditor of the transferor, or by a notification to such' bailee by the transferor or a subsequent purchaser from the transferor of a subsequent sale of the goods by the transferor.