South Dakota § 57A-7-503 Document of title to goods defeated in certain cases.

South Dakota Statutes

§ 57A-7-503 — Document of title to goods defeated in certain cases.

South Dakota·Title 57A UNIFORM COMMERCIAL CODE·Ch. 57A-6 DOCUMENTS OF TITLE

(a)A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not:

(1)Deliver or entrust the goods or any document covering the goods to the bailor or the bailor's nominee with actual or apparent authority to ship, store, or sell; with power to obtain delivery under § 57A-7-403 ; or with power of disposition under § 57A-2-403 , 57A-2A-304(2), 57A-2A-305(2), or 57A-9-320 or other statute or rule of law; or (2) Acquiesce in the procurement by the bailor or its nominee of any document.

(b)Title to goods based upon an unaccepted delivery order is subject to the rights of any person to which a negotiable warehouse receipt or bill of lading covering the goods has been

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(a) A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not: (1) Deliver or entrust the goods or any document covering the goods to the bailor or the bailor's nominee with actual or apparent authority to ship, store, or sell; with power to obtain delivery under § 57A-7-403 ; or with power of disposition under § 57A-2-403 , 57A-2A-304(2), 57A-2A-305(2), or 57A-9-320 or other statute or rule of law; or (2) Acquiesce in the procurement by the bailor or its nominee of any document. (b) Title to goods based upon an unaccepted delivery order is subject to the rights of any person to which a negotiable warehouse receipt or bill of lading covering the goods has been duly negotiated. That title may be defeated under § 57A-7-504 to the same extent as the rights of the issuer or a transferee from the issuer. (c) Title to goods based upon a bill of lading issued to a freight forwarder is subject to the rights of any person to which a bill issued by the freight forwarder is duly negotiated. However, delivery by the carrier in accordance with §§ 57A-7-401 to 57A-7-404 , inclusive, pursuant to its own bill of lading discharges the carrier's obligation to deliver.

South Dakota § 57A-7-503 (Document of title to goods defeated in certain cases.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.