Subd. 1. Elements of crime.

If:

1. (1) a person ships goods without having title to the goods or with a lien or mortgage on them;
2. (2) the person takes a negotiable bill for the goods; and

3. (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.