Illinois § 7-507 Warranties on negotiation or delivery of document of title

Illinois Statutes

§ 7-507 — Warranties on negotiation or delivery of document of title

Illinois § 7-507

JurisdictionIllinois

TopicBUSINESS AND EMPLOYMENT

Ch. 810COMMERCIAL CODE

Act 810 ILCS 5/Uniform Commercial Code.

Art.Article 7 - Documents of Title

This text of Illinois § 7-507 (Warranties on negotiation or delivery of document of title) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

810 Ill. Comp. Stat. 7-507 (2026).

Text

If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under Section 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.

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If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under Section 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.