§ 26-1-7-203 — Liability for nonreceipt or misdescription

A party to or purchaser for value in good
faith of a document of title, other than a bill of lading, that relies upon
the description of the goods in the document may recover from the
issuer damages caused by the nonreceipt or misdescription of the
goods, except to the extent that:
(1) the document conspicuously indicates that the issuer does not
know whether all or any part of the goods in fact were received or
conform to the description, such as a case in which the description
is in terms of marks or labels or kind, quantity, or condition, or
the receipt or description is qualified by "contents, condition, and
quality unknown", "said to contain", or words of similar import,
if the indication is true; or
(2) the party or purchaser otherwise has notice of the nonreceipt
or misdescription.
Formerly: Acts 1963, c.317, s.7-203. As amended by
P.L.143-2007, SEC.32.