§ 7-507. Warranties on negotiation or transfer of receipt or bill

Latest version.

   If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under § 7-508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that:

   (1) The document is genuine;

   (2) The transferor does not have knowledge of any fact that would impair the document's validity or worth; and

   (3) The negotiation or delivery is rightful and fully effective with respect to the title to the document and the goods it represents.

HISTORY: 2004, ch. 95, § 2.

                    
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