North Dakota § 41-02-54 (2-506) Rights of financing agency

North Dakota Statutes

§ 41-02-54 — (2-506) Rights of financing agency

North Dakota § 41-02-54

Title 41Uniform Commercial Code

Ch. 41-02Sales

This text of North Dakota § 41-02-54 ((2-506) Rights of financing agency) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 41-02-54 (2026).

Text

1.A financing agency by paying or purchasing for value a draft which relates to a shipment of goods acquires to the extent of the payment or purchase and, in addition to its own rights under the draft and any document of title securing it, any rights of the shipper in the goods including the right to stop delivery and the shipper's right to have the draft honored by the buyer.

2.The right to reimbursement of a financing agency which has in good faith honored or purchased the draft under commitment to or authority from the buyer is not impaired by subsequent discovery of defects with reference to any relevant document which was apparently regular.

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1. A financing agency by paying or purchasing for value a draft which relates to a
shipment of goods acquires to the extent of the payment or purchase and, in addition
to its own rights under the draft and any document of title securing it, any rights of the
shipper in the goods including the right to stop delivery and the shipper's right to have
the draft honored by the buyer.
2. The right to reimbursement of a financing agency which has in good faith honored or
purchased the draft under commitment to or authority from the buyer is not impaired
by subsequent discovery of defects with reference to any relevant document which
was apparently regular.