New York § 7-508 Warranties of Collecting Bank as to Documents of Title

New York Statutes

§ 7-508 — Warranties of Collecting Bank as to Documents of Title

New York § 7-508

Law UCCUniform Commercial Code

Part 5Warehouse Receipts and Bills of Lading: Negotiation and Transfer

Art. 7Documents of Title

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Bluebook

N.Y. Uniform Commercial Code § 7-508 (2026).

Text

Section 7--508. Warranties of Collecting Bank as to Documents of Title.\n  A collecting bank or other intermediary known to be entrusted with\ndocuments of title on behalf of another or with collection of a draft or\nother claim against delivery of documents warrants by the delivery of\nthe documents only its own good faith and authority even if the\ncollecting bank or other intermediary has purchased or made advances\nagainst the claim or draft to be collected.\n

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Section 7--508. Warranties of Collecting Bank as to Documents of Title.\n A collecting bank or other intermediary known to be entrusted with\ndocuments of title on behalf of another or with collection of a draft or\nother claim against delivery of documents warrants by the delivery of\nthe documents only its own good faith and authority even if the\ncollecting bank or other intermediary has purchased or made advances\nagainst the claim or draft to be collected.\n