Roland delivered a shipment of desks to Security Warehousers and received from Security a negotiable receipt.

Roland delivered a shipment of desks to Security Warehousers and received from Security a negotiable receipt. Peter broke into Roland's office, stole the document, and forged Roland's signature as an indorsement, making Peter himself the holder. Peter then indorsed the document over to Billings, who knew nothing of the theft. Does Billings get good title to the desks?