Louisiana § 10:7-507 Warranties on negotiation or delivery of document of title

Louisiana Statutes

§ 10:7-507 — Warranties on negotiation or delivery of document of title

Louisiana·Title 10 Commercial Laws

If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under R.S. 10:7-508, 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 R.S. 10:7-508, 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.

Louisiana § 10:7-507 (Warranties on negotiation or delivery of document of title) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.