Indiana § 26-1-7-507 Warranties on negotiation or transfer of receipt or bill

Indiana Statutes

§ 26-1-7-507 — Warranties on negotiation or transfer of receipt or bill

Indiana·Title 26 COMMERCIAL LAW·Art. 1 UNIFORM COMMERCIAL CODE·Ch. 7 Documents of Title

If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under section 508 of this chapter, 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 has no 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. Formerly: Acts 1963, c.317, s.7-507. As amended by P.L.152-1986, SEC.260; P.L.143-2007, SEC.58.

Free access — add to your briefcase to read the full text and ask questions with AI

If a person negotiates or delivers a
document of title for value, otherwise than as a mere intermediary
under section 508 of this chapter, 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 has no 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.
Formerly: Acts 1963, c.317, s.7-507. As amended by
P.L.152-1986, SEC.260; P.L.143-2007, SEC.58.

Indiana § 26-1-7-507 (Warranties on negotiation or transfer of receipt or bill) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.