Subdivision 1. Elements of crime.
If:
(1) a person ships goods without having title to the goods or with a lien or mortgage on them;
(2) the person takes a negotiable bill for the goods; and
(3) the person later negotiates the bill for value with intent to deceive and without disclosing the lack of title or the existence of the lien or mortgage;
then the person is guilty of a crime.
Subd. 2. Penalty.
Whoever commits the crime described in subdivision 1 may be sentenced for each offense to imprisonment for not more than 364 days or to payment of a fine of not more than $3,000, or both.