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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:
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(1) deliver or entrust the goods or any document of title covering the goods to the bailor or the bailor’s nominee with:
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(A) actual or apparent authority to ship, store, or sell; (B) power to obtain delivery under § 4-7-403; or
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(2) acquiesce in the procurement by the bailor or its nominee of any document.
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(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 § 4-7-504 to the same extent as the rights of the issuer or a transferee from the issuer.
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(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 Part 4 pursuant to its own bill of lading discharges the carrier’s obligation to deliver.
(C) power of disposition under § 4-2-403, § 4-2A-304(2), § 4-2A-305(2), § 4-9-320, or § 4-9-321(c) or other statute or rule of law; or